Inflation Curbs Nigeria Growth, Fuels Crime - World Bank

Africa's biggest economy is gripped by soaring food prices, high unemployment, and surging inflation - a cocktail that the World Bank warns is leading more Nigerians into a vicious cycle of violence and criminality. The organisation has stated that inflation has pushed about seven million Nigerians below the poverty line, contradicting President Muhammadu Buhari's claim that his administration had lifted 10.5 million Nigerians out of poverty in the past two years. 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. Hernandez said increased insecurity across the nation - ranging from mass abductions at schools, kidnappings for ransom, armed conflict between herdsmen and farmers, armed robberies, and various insurgencies - was a drag on growth and job creation.

InFocus

Lagos, Nigeria

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