High Nigeria food costs push 7 million into poverty: World Bank

In a new report, it commended Nigeria for buttressing its economy from fallout from the coronavirus pandemic but called for urgent measures to brake inflation and protect livelihoods.

A major crude exporter, Africa's largest and most populous economy again slipped into a recession in late 2020 hurt by lower oil prices and the pandemic, but unexpectedly emerged from the slump in February.In May, year-on-year inflation dipped to 17.93 percent, just below the four-year high of 18.17 percent registered in March, according to the National Bureau of Statistics."Food prices accounted for over 60 percent of the total increase in inflation.

The World Bank report applauded government reforms to offset the crisis and help recovery, including cost cutting and adjustments to energy subsidies, but those measures needed to be sustained. "Nigeria faces interlinked challenges in relation to inflation, limited job opportunities, and insecurity," said Shubham Chaudhuri, the World Bank Country Director for Nigeria."While the government has made efforts to reduce the effect of these by advancing long-delayed policy reforms, it is clear that these reforms will have to be sustained and deepened."

Nigeria needs urgently to reduce inflation by promoting inclusive growth and job creation and helping small and medium businesses gain access to finance, it said.

Except politicians.

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