World Bank has revealed that over 7 million Nigerians will fall below the poverty line by the end of 2021.
Making this known is the World Bank’sBank’s Top Economist to Nigeria, Macro Hernandez, who delivered a presentation of Nigeria’sNigeria’s Development Report in Abuja yesterday.
Hernandez made some shocking revelations when he noted that the poverty ratio in Nigeria is bound to degrade more than seven million people in the country as a result of the collapsing purchasing power.
11 Million More to Suffer Job Loss- World Bank
Speaking on the inflation level of Nigeria, which is the primary cause of the economic crisis, World Bank Lead Economist stated that over 11 million more Nigerian Citizens would experience heavy job loss within the same year.
Already, he disclosed that the country is presently witnessing an inflation rate expected to increase to the fifth-highest number in Sub-Saharan Africa.
Meanwhile, nations ahead of Nigeria’sNigeria’s devastating inflation ratings, according to the report read by Hernandez, include Zimbabwe, Zambia, South Sudan and Angola. This shows how poorly positioned we are Pan-Africanwise.
However, it is noteworthy to understand that the present state of insecurity, conflicts, and the after-effects of the damages caused by Covid-19 Pandemic Nigeria is plagued by are part of the sole reasons why the country is facing these economic challenges.