The World Bank says that the closure of Nigeria’s land borders since August 2019, insecurity in the North, and farmer-herder clashes, among others, were responsible for the skyrocketing inflation in the country.

The World Bank said it would consider Nigeria’s new $1.5billion loan request in the coming week to help boost Africa’s largest economy.

According to Reuters, the World Bank country director in Nigeria, Shubham Chaudhuri, stated these in Abuja at the launch of the latest World Bank Nigeria Development Update.

Shubham said the $1.5 billion loan request would be tabled next week before the World Bank board for approval.

Shubham said: “We recognise how much Nigeria has done. There needs to be a little bit more. The onset of the COVID-19 crisis has made the task much more challenging and urgent because of the severity of the economic downturn and the decline in fiscal resources.

“In other words, while COVID-19 will hit incomes across all countries, Nigeria is expected to suffer twice as much.

“Because Nigeria’s growth has been uneven and volatile, once we adjust for inflation, we find that for Nigeria going back to 2010 is equivalent to going back to the 1980s.”

The country director further explained that “before COVID-19, rising food prices were already putting pressure on inflation due to insecurity in the North, conflicts between farmers and herders in the middle belt, and Nigeria’s closure of land borders since August 2019. Then, on top of these, pandemic related disruptions in value chains and production processes further increased inflation.”

In a statement issued after the Nigeria Development Update release, the World Bank raised the alarm that despite the current recession, Nigeria risks sinking deeper into recession in the next three years.

The statement reads, “In the next three years, an average Nigerian could see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.

“In the absence of measures to mitigate the impact of the COVID-19 crisis, the number of poor could increase by 15 to 20 million by 2022.”

https://docpetinfo.com/2020/12/12/nigerias-inflation-caused-by-closure-of-land-borders-insecurity-world-bank/

Round peg in a round hole!

lol

Fact Check.
Why did we block the Border?

And is the reason achieved?

Nobody can pressurize Buhari to reopen border, we are giant of Africa, we need to show our neighboring countries what we are. Buhari closed our border just for ego and nothing more

That’s what you get when a mannequin is the president and his cohorts lie to you and downplay how bad the economy really is so as to not hurt his ego.

Useless man with zero ideology


Closing the border is one of buhari's greatest mistake as a president

Things have been so tight.... People are suffering...gosh

Point of correction!! Only Southern borders were closed.

useless world bank

the 'cause of inflation is Buhari nothing else

Maize247:
Nobody can pressurize Buhari to reopen border, we are giant of Africa, we need to show our neighboring countries what we are. Buhari closed our border just for ego and nothing more

Nigerians did not use their heads in choosing buhari,it turned out they shot them self on the foot
Electing buhari was the most stupid thing to do

Buhari government foolishly closed the southern borders
(when Nigeria is still an import-dependent economy while bandits/terrorists are having a free reign with the northern ones) and have not tackled the widespread insecurity.Is this not another height of cluelessness and incompetency?

surgical:
Nigerians did not use their heads in choosing buhari,it turned out they shot them self on the foot.Electing buhari was the most stupid thing to do

"..In fact, if there are Nigerians that can be exonerated they are the people of the South-East and South-South; but the North and the South-West are responsible for our problems today under this regime.I said it right from the beginning that Buhari is not competent and therefore cannot lead.

Now, we are crying.It was our shortsightedness.People did not behave the way they are supposed to behaved when Buhari was looking for power..." https://www.sunnewsonline.com/yakasai-to-nigerians-blame-southwest-north-for-your-sufferings/

Thats What happens when the President is a nonentity who might not even remember what he ate yesterday.

I can't believe I supported this man in 2015. Thank God I changed my mind, when I discovered he has nothing to offer.

Accurate

Useless Buhari indicted once again..

Otuegbe:
I can't believe I supported this man in 2015. Thank God I changed my mind, when I discovered he has nothing to offer.

Absolutely NOTHING!!!!

'They' closed the Southern borders to grow the economy of the North at the expense of the South, wasted so much money on their rice farming, but allowed them to bring in trailer loads of ammunition through their own borders... unfortunately, their evil plot is still affecting them because the bandits are striking in their communities with the weapons they allowed them to bring in

Buhari did not come to develop this nation.
He came to establish Islamic caliphates across the nation.

PMB will tell you it is caused by endsars protest...

This country has been destroyed by the clueless man in the rock house who has gat no business being there in the first place. What a dementia! What an incompetent fool!! What a failure!!! I pray God intervenes before 2023. If wiping him off is the way out for citizens to have a normal life, God should not hesitate.

World Bank knew the closure of the land borders especially in the South is partly responsible for the inflation.
If they eventually approve the loan request without first insisting that the borders be opened, then they're just willing accomplices who want to profit from Nigerians misfortune

We bin knew.
Stupid almajiri Government

It's bound to happen when u have bad economic team

You forgot to add this one !

Monopoly given to Aliko Dangote by Major General Buhari, the worst President ever.

Designsking:
Fact Check. Why did we block the Border?
And is the reason achieved?

We close the border so that Aboki rice farmer can thrive.

Though insecurity is making their effort fruitless. All in all, its a good development!