Nigeria’s economy under Buhari is worse than it was a decade ago

The World Bank has once again declared that the state of Nigeria’s economy under President Muhammadu is worse than it was a decade ago.

Naija News The latest findings of the International Finance Corporation have been reported to support the claims of a study published by the Economic Community of West African States. (ECOWAS)which indicates that many people living on less than $1.90 a day increased from 2.3% to 2.9% in 2021.

The report emphasized that countries’ debt burdens increased amid the slow economic recovery, the shrinking of the fiscal space and the weak mobilization of resources.

The review in the World Bank’s 2022 flagship report Global Economic Prospects states; “The pandemic has reversed at least a decade of gains in per capita income in some countries: in nearly a third of the region’s economies, including Angola, Nigeria and South Africa, per capita income in 2022 is projected to be lower than a decade ago. . . .

The report stated that the current rise in food prices across the country could amplify the negative impact of increasing poverty on economic growth, noting that nearly 110 million people are in countries such as Nigeria, the Democratic Republic of the Congo, Ethiopia and South Sudan. Cases characterized by nutritional crises.

She added that disruptions in supply chains or armed conflict could contribute to higher food prices, leaving vulnerable groups suffering even more.

“Any further increase in food prices will put pressure on household purchasing power and undermine consumer confidence, leading to weaker growth and hampering poverty reduction efforts.” The report confirmed this.

Naija News He is aware that in 2021 the World Bank criticized the Nigerian government’s fiscal policies, citing the negative impact of the country’s central bank’s exchange rate policies on investments and fuel inflation.

However, the World Bank expects the Nigerian economy to grow by 2.5% in 2022 as it will benefit from higher oil prices, the gradual easing of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other internal regulatory measures. Repair.

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