Untamed Inflation stopped Nigeria from achieving 2022 poverty reduction target – World Bank

The World Bank has disclosed that Nigeria and the rest of Sub-Saharan Africa cannot achieve the 2022 target of poverty reduction due to soaring inflation.

The bank stated this in its new report titled “Africa’s Pulse: An analysis of issues shaping Africa’s economic future.”

The Washington-based bank said that poverty reduction trends, already derailed by the pandemic, had slowed further in Nigeria and other African countries.

The report partly reads: “Rising inflation is impacting economic activity in Sub-Sahara. The war in Ukraine has worsened the upward trend in inflation following the post-pandemic period, which soared to record highs in many countries. The escalation of the war has fueled an increase in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.”