The World Bank Group estimates that Nigeria and the rest of Sub-Saharan Africa would experience a per capita income increase of 0.7% in 2022, which is insufficient to satisfy the medium- to long-term goals of poverty reduction and shared prosperity.
In its new study titled “Africa’s Pulse: An Analysis of Issues Shaping Africa’s Economic Future,” the Washington-based bank reported that poverty reduction trends, which had already been disrupted by the pandemic, had slowed even more.Information Guide Nigeria
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to the research, the pandemic has had a persistent influence on long-term growth, mainly impacting the poorest individuals and increasing extreme poverty.
It stated that the sluggish comeback of the Nigerian economy in the wake of the epidemic, coupled with the setback from rising inflation, was insufficient to reverse the pandemic-induced loss of jobs and income.NYSC portal
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The report partly read, “Rising inflation is weighing on economic activity in Sub-Sahara. The upward trend in inflation following the post-pandemic period was exacerbated by the war in Ukraine, soaring to record highs in many countries.JAMB portal
The escalation of the war has fueled a rise in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.”
The report read further, “The escalation of the war has fueled a rise in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.JAMB Result
The fiscal space to mount effective responses today is gone because of high levels of debt across Sub-Saharan African countries, rising borrowing costs, and depleted public savings.”
The report follows an earlier publication by the Bank titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,” in which it noted that deep structural reforms guided by evidence are urgently needed to lift millions of Nigerians out of poverty.
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