Nigeria’s inflation rate to rise to 5th highest in Sub-Saharan Africa by end of 2021 - WB

The World Bank says Nigeria’s inflation rate is expected to rise to the 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The bank’s lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday, June 15, during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the coronavirus pandemic are responsible for the challenges.