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Nigerian growth lags Africa, poverty rising, says World Bank

Nigerian growth lags Africa, poverty rising, says World Bank

NIGERIAN economic growth has resumed after the COVID shock but is lagging the rest of sub-Saharan Africa, with food inflation, heightened insecurity and stalled reforms slowing growth and increasing poverty, the World Bank has said. Presenting its six-monthly update on development in Africa's most populous country, the organisation gave a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa. Lead economist for Nigeria Marco Hernandez said inflation, especially in food prices, was exacerbating poverty and food insecurity. Food accounted for almost 70% of Nigeria's…
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