Home Economy Inflation To Increase Poverty, Unemployment Rate By End Of 2021- Report

Inflation To Increase Poverty, Unemployment Rate By End Of 2021- Report

Inflation

The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

Read also: Nigeria’s Inflation Rate Drops For First Time In 20 Months

Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the COVID-19 pandemic are responsible for the challenges.

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