Poverty escalating in Nigeria under Buhari administration

By Peter Usman://

The bank estimated a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa.

Lead economist for Nigeria, Marco Hernandez said inflation, especially in food prices, was exacerbating poverty and food insecurity.

Food accounted for almost 70% of Nigeria’s total increase in inflation over the past year.

He said the COVID-induced crisis was expected to push over 11 million Nigerians into poverty by 2022, taking the total number of people classified as poor in the country to over 100 million.

The total population is estimated at 200 million.

https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-8264632571551786&output=html&h=280&slotname=9168770906&adk=3764122395&adf=3109723923&pi=t.ma~as.9168770906&w=627&fwrn=4&fwrnh=100&lmt=1623800823&rafmt=1&psa=1&format=627×280&url=https%3A%2F%2Fpmnewsnigeria.com%2F2021%2F06%2F16%2Fpoverty-increasing-in-nigeria-under-buhari-watch-world-bank%2F&flash=0&fwr=0&fwrattr=true&rpe=1&resp_fmts=3&wgl=1&adsid=ChEI8J-hhgYQ89vQ5vWPn9vMARI5AIj-tjSMh6YosH5-O_DjVEZ794nOKW4sMnAHj6RVHpdewMvQUXg9H16ZDfYmFuIxnCN6Kvc6eobV&uach=WyJXaW5kb3dzIiwiNi4xIiwieDg2IiwiIiwiOTEuMC40NDcyLjEwMSIsW11d&dt=1623801055970&bpp=15&bdt=2925&idt=18277&shv=r20210610&cbv=%2Fr20190131&ptt=9&saldr=aa&abxe=1&cookie=ID%3De301e72b2371b84f%3AT%3D1623801002%3AS%3DALNI_Mal_vRZFYl754yQUclp8Mno3VFXtw&prev_fmts=0x0%2C1007x280%2C627x280%2C293x250%2C293x250%2C293x250%2C627x280&nras=1&correlator=5918881506903&rume=1&frm=20&pv=1&ga_vid=395237958.1586545893&ga_sid=1623801062&ga_hid=1124532651&ga_fc=0&u_tz=60&u_his=7&u_java=0&u_h=600&u_w=1024&u_ah=560&u_aw=1024&u_cd=24&u_nplug=3&u_nmime=4&adx=34&ady=3499&biw=1007&bih=447&scr_x=0&scr_y=2066&eid=21066433%2C31060615%2C31060974%2C21066613%2C21066615&oid=3&psts=AGkb-H_uzrK-fiW1VG9KyWZpK-kUqx2fEdpip8AFV5zRn_aP6rdBZL7MW1QK5HjsHSAZSOKRQ0M_b6RH6Q%2CAGkb-H_Htj5PR8cb1x-Qe5LtSY_xexo5scFJrQRoDtAGWwFu8OjhOeiuTuKcoZM_gvUKkF5Wnmpm_rYCSQ%2CAGkb-H-BwWuDUaMC8Dtt93stP6Zkb5OqjHHNuXKjEu1k2RBxdocsCPWtae54A4sI3XVUkWxZReCC7aWr_NpO4A%2CAGkb-H-mXm0FQempwn6UDo66TlmltXLA-UzAfd9cKGIMVOud2qjVDU9OkqlV_98pWUCgiygD7wZ0ngPBjjXrnw%2CAGkb-H9FQpIPzU2zwu34DF6DpQsVhs6pBXJwELAVvcOZxWxwRPGiUW25kHPK8oCnVshRXdcE9rDp4VnDEBd4_w&pvsid=1865355602214288&pem=681&ref=https%3A%2F%2Fpmnewsnigeria.com%2F&eae=0&fc=1920&brdim=0%2C40%2C0%2C40%2C1024%2C40%2C1024%2C560%2C1024%2C447&vis=1&rsz=%7C%7CeEbr%7C&abl=CS&pfx=0&fu=128&bc=31&jar=2021-06-15-23&ifi=5&uci=a!5&btvi=6&fsb=1&xpc=VmD88ae9PQ&p=https%3A//pmnewsnigeria.com&dtd=M According to the World Bank, Poverty accentuated by the pandemic, is increasing in Nigeria, with 11 million more people joining the rank of the poor, the World Bank said on Tuesday.

Presenting its six-monthly update on development in Nigeria, the organisation noted that although Nigerian economic growth has resumed after the COVID shock, it is lagging behind the rest of sub-Saharan Africa.

The report underscored food inflation, heightened insecurity and stalled reforms as the drivers of the increasing poverty,

The bank estimated a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa.

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