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World Bank warns Nigerians to expect tougher months ahead


The World Bank has predicted tougher months ahead as household real disposable incomes in Nigeria are expected to face an “exceptional squeeze”.

Shubham Chaudhuri, the World Bank country director for Nigeria who disclosed this in Abuja indicated that the COVID-19 crisis in the country exacerbated pre-existing structural distortions (including trade distortions, such as 2019’s border closure), which were already driving up prices and eroding purchasing power before the pandemic.

“This in turn explains the near-stagnation in household real disposable incomes that have preceded the exceptional squeeze expected this year,” Chaudhuri said.

“However, the extent to which the ongoing Russia-Ukraine war would drive the economy further into poverty as well as permanently making it less productive is still unknown,” he added.

Read also: World Bank bans Nigeria’s tech firm, MD from its contracts over bribery

The World Bank, in its latest report titled ‘Nigeria Poverty Assessment 2022’, said many primary effects of the pandemic had been more economic-related rather than health-related, partly due to Nigeria’s pre-crisis conditions.

“In the more recent stages of the Covid-19 crisis, even though economic activity began to recover, inflation started to accelerate especially for food items that are crucial for consumption among the poor and vulnerable,” it said.

The post World Bank warns Nigerians to expect tougher months ahead appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


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50 CommentsDrop a Comment
  1. Mubaraklag

    - May 5, 2022 at 12:54 am

    Unpleasant

    Reply
  2. afeezhamzat

    - Apr 18, 2022 at 7:55 am

    God save us

    Reply
  3. Chinecherem74

    - Apr 18, 2022 at 1:02 am

    Hmm

    Reply
  4. Adanne

    - Apr 17, 2022 at 3:09 am

    may God help us

    Reply
  5. Wilsonbaze33

    - Apr 13, 2022 at 2:20 pm

    Nigeria 🇳🇬 done get nickname ooh my God

    Reply
  6. Olubunmi

    - Apr 13, 2022 at 11:51 am

    God will sustain us

    Reply
  7. Oluwagbemiga

    - Apr 12, 2022 at 11:58 am

    Hmmmm
    May God help

    Reply
  8. Olagunju Funmilayo Grace

    - Apr 12, 2022 at 6:58 am

    Ok

    Reply
  9. Dylan Rooney

    - Apr 12, 2022 at 3:24 am

    View

    Reply
  10. Mrsbimps

    - Apr 12, 2022 at 1:22 am

    We should oo

    Reply
  11. Emmynaija

    - Apr 11, 2022 at 11:24 pm

    But was ooo did anyone offend Nigeria because the suffering is what one cannot talk for long🤔

    Reply
  12. essentials

    - Apr 11, 2022 at 5:00 pm

    God will help us out

    Reply
  13. Kaykayakilo

    - Apr 11, 2022 at 4:11 pm

    Seen seen

    Reply
  14. Alexander1111

    - Apr 11, 2022 at 3:12 pm

    Hmmmmm this kind news weak me …. With God on our side…. We are saved

    Reply
  15. Akilomani

    - Apr 11, 2022 at 2:22 pm

    Seen seen

    Reply
  16. Anaebo chinenye vivian

    - Apr 11, 2022 at 1:07 pm

    Ok

    Reply
  17. Boluwatifegold

    - Apr 11, 2022 at 12:45 pm

    Really

    Reply
  18. Folukemi1234

    - Apr 11, 2022 at 12:45 pm

    Godforbid

    Reply
  19. Dekeakilo

    - Apr 11, 2022 at 12:21 pm

    Seen seen

    Reply
  20. Sirkrisd

    - Apr 11, 2022 at 11:36 am

    may God help us in dis tough situation

    Reply

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