The World Bank published a report on Tuesday which revealed that in Nigeria, inflation driven by a sharp rise in food prices has pushed about 7 million more people into poverty.

Africa's most populous country urgently needs to reduce inflation by promoting inclusive growth and job creation, as well as providing access to finance for small and medium enterprises to help offset the impact of high prices. According to the report, in 2020 the Nigerian economy shrank less (-1.8%) than was expected at the start of the pandemic (-3.2%). But although growth has resumed, prices have continued to rise rapidly, severely affecting Nigerian households.

“In 2020 alone, rising prices have pushed about 7 million Nigerians below the poverty line,” estimates the financial organization, which specifies that “food prices accounted for more than 60% of the increase. total inflation. Between March 2020 and March 2021, prices increased by 18.17% in Nigeria, according to the National Bureau of Statistics, the highest rate recorded in four years. In addition to inflation, rising unemployment left a third of the Nigerian workforce unemployed at the end of 2020.