High Nigeria Food Prices Push 7 Million Into Poverty
High inflation pushed by hovering food costs has pushed seven million Nigerians into poverty, the World Bank said. In a new report, it counseled Nigeria for buttressing its financial system from fallout from the coronavirus pandemic but called for pressing measures to brake inflation and protect livelihoods. A predominant crude exporter, Africa’s biggest and most populous economy again slipped into a recession in late 2020 hurt via lower oil prices and the pandemic, but suddenly emerged from the droop in February. In May, year-on-year inflation dipped to 17.93 percent, just beneath the four-year excessive of 18.17 percent registered in March, according to the National Bureau of Statistics. The food price amplify in May was at 22.28 percent. “Food expenses accounted for over 60% of the total increase in inflation. Rising costs have pushed an estimated 7 million Nigerians beneath the poverty line in 2020 alone,” its report posted on Tuesday said. The World Poverty Clock, which uses UN,