The World Bank Group has said that the estimated per capita income growth of 0. 7 per cent for Nigeria and the rest of Sub-Saharan Africa in 2022 is insufficient to meet the challenging goals of poverty reduction and shared prosperity in the medium to long term.
“The World Bank also said rising inflation is weighing on economic activity in Nigeria, and that the upward trend in inflation following the post-pandemic period was exacerbated by the war in Ukraine. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.
The fiscal space to mount effective responses today is gone because of high levels of debt across Sub-Saharan African countries, rising borrowing costs, and depleted public savings. According to the report, which brings together the latest evidence on the profile and drivers of poverty in Nigeria, as many as four in 10 Nigerians live below the national poverty line.
