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.”
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