The World Bank has said Nigeria may have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households.
According to the World Bank, Nigeria is projected to have one of the highest inflation rates globally and the seventh highest among Sub-Saharan African countries in 2022
“In 2022, Nigeria is expected to have one of the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa,” it said.
The bank said this in the November edition of its Nigeria Development Update.

According to the global financial institution, high inflation hampers the country’s attempt to achieve economic recovery and erodes the purchasing power of most vulnerable households.
The document read in part, “High inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households. In the absence of measures to contain inflation, rising prices will continue to diminish the welfare of Nigerian households.”
The bank further highlighted the adverse effects of inflation on Nigeria, which include pushing eight million Nigerians into poverty, and the possible disruption of consumption, investment and saving decisions, among other consequences.
“If inflation had been closer to the CBN’s goal of nine per cent in 2021, the average Nigeria’s consumption would have been 15 per cent higher, and eight million Nigerians would have not fallen into poverty.
“If double-digit inflation persists during 2022-2023, rising prices will distort consumption, investment, and saving decisions of the government, households, and firms, with adverse ramifications for long-term borrowing and lending.
“Over time, the disproportionate impact of inflation on lower-income households and those working in sectors with low savings (e.g, agriculture) will exacerbate inequality. Ultimately, inflation will not only negatively affect incomes, but also economic productivity and job creation, further constraining the recovery,” the bank said.

The Washington, United States-based institution also disclosed that over two years, an increase in food prices accounted for about 70 per cent of the annual increase in the rate of inflation.
It also said that inflationary pressures were trigged by multiple demand and supply shocks.
The document read in part, “Inflationary pressures are being generated by multiple demand and supply shocks. Supply shocks arising from disruption of supply chains linked to COVID-19 and associated containment measures have eased, but security issues, border closures, and limited access to markets continue to fuel inflation.
“The current mix of monetary, fiscal, foreign exchange, and trade policies also plays a prominent role as a driver of inflation. Trade and FX restrictions, including the closure of land borders starting in August 2019, have increased prices for food and consumer goods, and imports of over 40 goods, including many staple foods, are currently ineligible for FX through formal windows.
“Nigeria’s exchange-rate management has resulted in the rise of parallel rates, which are closely linked to food-price dynamics. Unable to access FX through the official exchange-rate window, businesses seek FX on the parallel market and other alternative sources.
“The parallel rate influences their business decisions, and fluctuations in the parallel rate pass through to market prices for goods and services. Moreover, monetary policy has not prioritized controlling inflation, and the monetary financing of fiscal deficit undermines the effectiveness of policies to contain demand-side inflationary pressures.”

https://punchng.com/nigerias-inflation-rate-may-be-among-worlds-highest-in-2022-world-bank/

Yet same World Bank advised Buhari government to remove subsidy on fuel and electricity.

Ok, nothing deh shock me for this naija again.

We had all these years to put things right but we are busy looting everything with no single plan for the future, now just see where we are.

We still can't learn our lessons and are more concerned about election and tribal fights, the coming decades go hot pass our current situation.

Baba God, just give me the strength, wisdom and consistency to fulfil my 2022 resolution, Nigeria never ready to grow, make I leave them grow

World bank should stop tarnishing buhari image---- hell an u is

World bank is the same as PDP tarnishing our darling daddy image--- mannabbqgrill

World bank is against Fulani people--- thebostrove

Yet they are still borrowing the dullard money he can't pay back thereby continuing to mortgage Nigeria into chronic debts.

and federal govt is still borrowing money

our borders are porous

we dont produce what we consume

all what we consume are imported to the tune of toothpick and egg

when 2023 elections come, the artificial poverty created by the govt will be the fulcrum politicians will use to predict the voting pattern and the cycle will go on and on

#itiswell!

Ibo

The World Bank has said Nigeria may will have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households.

Corrected

Always ready to speak evil against the country. But when they want to borrow government they will say the country is in good shape.

... Inflation that we have being enjoying since 1960.

Why are they bothered with our problem.

We ain't complaining dawg

BuhariAdvocate:
Always ready to speak evil against the country. But when they want to borrow government they will say the country is in good shape.

Your Buhari has destroyed Nigeria.

[img]https://media1./images/50d089a0f9900949b83152346f77ee00/tenor.gif?itemid=21204532[/img]

Mynd4 you need to make this the front page article and not the other one you closed. Hope all is well with you ?

Of course, what do expect, one Zimbabwe dollars now is equivalent to N1.03k, they've messed up the Naira, no value, nothing!!

Buhari has destroyed Nigeria, it will take us decades to recover.

Thank God say I be trader o.. my goods simply inflates with the inflation...my only worry will be the dwindling power of consumers


Buhari..I don't know what to say to you and those that convinced the gullible to vote you in twice

MARKone:
Of course, one Zimbabwe dollars now is equivalent to N1.03k.

Nope, even worse, the latest is ;

1 ZWD = 1.13977 NGN

https://www.xe.com/currencyconverter/convert/?Amount=1&From=NGN&To=ZWD

The Zimbabwean dollar is now stronger than the Naira.

GodHatesBigots:


Nope, even worse, the latest is ;

1 ZWD = 1.13977 NGN

https://www.xe.com/currencyconverter/convert/?Amount=1&From=NGN&To=ZWD

The Zimbabwean dollar is now stronger than the Naira.

I can't believe this

DubaiLandLord:
Ibo

what about it(them)?

God no go shame us... that I know