Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 24)

According to the World Bank, 7.2 million Nigerians could be pushed into poverty due to higher inflation rate and fall in purchasing power in 2020. Inflation rate rose every month in 2020 to reach a peak of 15.75 percent in December 2020.3 There are 86.8 million Nigerians currently living in poverty, and the economic situation in Nigeria means that the country may not be able to push households and individuals out of poverty in the nearest future. Food inflation is at an unprecedented level of 22.28 percent, unemployment and underemployment remains high and GDP growth rate in Q1 2021 stood at 0.51 percent in a country with a population growth rate of more than 2.5 percent. Ensuring inclusive growth process and empowering the poor, providing social protection for the poor and vulnerable, encouraging small and medium scale enterprises, and a sustained investment in education and health would alleviate poverty in Nigeria.

Download Label
March 13, 2018 - 4:00 am
543.02 kB
v.1.7 (stable)