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Hyperinflation has prevented Nigeria from achieving its 2022 poverty reduction target – World Bank

The World Bank revealed that Nigeria and the rest of sub-Saharan Africa cannot meet the 2022 target to reduce poverty due to high inflation.

The Bank states this in its new report, Africa’s Pulse: An Analysis of the Issues Shaping Africa’s Economic Future.

The Washington-based bank said poverty reduction trends, already derailed by the pandemic, had slowed further in Nigeria and other African countries.

The report stated: “Rising inflation is affecting economic activity in sub-Saharan Africa. The war in Ukraine has exacerbated the upward trend in post-pandemic inflation, which has risen to record levels in many countries. The escalation of the war has pushed up commodity prices, not Especially food and energy prices. The rise in food and fuel prices to consumer prices led to a rise in the headline inflation rate.

Hyperinflation has prevented Nigeria from achieving its 2022 poverty reduction target – World Bank

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