It added that the weak rebound of the Nigerian economy in the aftermath of the pandemic along with the setback from rising inflation was insufficient to undo pandemic-induced job and income losses. The report partly read, “Rising inflation is weighing on economic activity in Sub-Sahara. The report read further, “The escalation of the war has fueled a rise in commodity prices, particularly food and energy prices. It added that sluggish growth, low human capital, labor market weaknesses, and exposure to shocks are holding Nigeria’s poverty reduction back. The figure represents a significant jump from the World Bank’s projection earlier this year, which placed 95m Nigerians under the poverty line.

Source: The Guardian December 26, 2022 05:37 UTC