The World Bank has projected that Nigeria might have one of the highest inflation rates globally in 2022.
This is in reaction to the Nigerian government’s slow response to inflation currently pushing many Nigerians into poverty and food insecurity.
Although the World Bank said inflation in 2022 is projected to be 15.5 percent, Nigeria’s inflation as of May this year has hiked up to 17.71 percent, which is higher than the World Bank’s projection.
In a World Bank report titled, ‘The Continuing Urgency of Business Unusual’, it said, “despite the urgency, the authorities’ response over the last two years has not been adequate, and inflation has increased and fueled poverty and food insecurity.”
The financial institution added that the inflation shock is projected to push about 15 million more Nigerians into poverty between 2020 and 2022.
The bank added, in a different report, that the number of poor Nigerians is projected to hit 95.1 million in 2022, warning that many non-poor Nigerians were only one small shock away from falling into poverty.