{"id":49758,"date":"2021-06-15T19:58:32","date_gmt":"2021-06-15T18:58:32","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=49758"},"modified":"2021-06-15T19:58:32","modified_gmt":"2021-06-15T18:58:32","slug":"rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/","title":{"rendered":"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank"},"content":{"rendered":"

The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.<\/p>\n

This was contained in a press statement titled, \u2018Critical reforms needed to reduce inflation and accelerate the recovery, says new World Bank report,\u2019 released by the World Bank\u2019s Senior External Affairs Officer of Nigeria, Mansir Nasir.<\/p>\n

The press statement was released in line with the latest World Bank Nigeria Development Update.<\/p>\n

It was acknowledged that the Federal Government \u201ctook measures to protect the economy against a much deeper recession\u201d but it was recommended that certain policies should be set for a strong recovery.\u201d<\/p>\n

The statement read, \u201cThe NDU, titled \u2018Resilience through Reforms,\u2019 notes that in 2020 the Nigerian economy experienced a shallower contraction of -1.8% than had been projected at the beginning of the pandemic (-3.2%). Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households. As of April 2021, the inflation rate was the highest in four years. Food prices accounted for over 60% of the total increase in inflation. Rising prices have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.\u201d<\/p>\n

Quoted in the statement, the World Bank Country Director for Nigeria, Shubham Chaudhuri, identified some of the challenges faced by the country and recommended a way forward.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cNigeria faces interlinked challenges in relation to inflation, limited job opportunities, and insecurity.<\/p>\n

“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 for Nigeria to realise its development potential,\u201d Chaudhuri said.<\/p>\n

Also quoted is the World Bank Lead Economist for Nigeria and co-author of the NDU, Marco Hernandez, who also gave a recommendation.<\/p>\n

\u201cGiven the urgency to reduce inflation amidst the pandemic, a policy consensus and expedite reform implementation on exchange-rate management, monetary policy, trade policy, fiscal policy, and social protection would help save lives, protect livelihoods, and ensure a faster and sustained recovery,\u201d Hernandez said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.<\/p>\n","protected":false},"author":6,"featured_media":49759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[8730,486],"coauthors":[2391],"class_list":["post-49758","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-nigerian-poverty-level","tag-world-bank"],"yoast_head":"\nRising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire<\/title>\n<meta name=\"description\" content=\"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire\" \/>\n<meta property=\"og:description\" content=\"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-15T18:58:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"358\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg\",\"width\":640,\"height\":358},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/\",\"name\":\"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#primaryimage\"},\"datePublished\":\"2021-06-15T18:58:32+00:00\",\"dateModified\":\"2021-06-15T18:58:32+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire","description":"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/","og_locale":"en_US","og_type":"article","og_title":"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire","og_description":"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.","og_url":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/","og_site_name":"National Wire","article_published_time":"2021-06-15T18:58:32+00:00","og_image":[{"width":640,"height":358,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/06\/Nigerians-crowd-640x358-1.jpg","width":640,"height":358},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/","name":"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#primaryimage"},"datePublished":"2021-06-15T18:58:32+00:00","dateModified":"2021-06-15T18:58:32+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"The World Bank has said rising prices pushed about seven million Nigerians below the poverty line in 2020.","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/rising-prices-pushed-seven-million-nigerians-below-poverty-line-in-2020-world-bank\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"Rising Prices Pushed Seven Million Nigerians Below Poverty Line In 2020 \u2013 World Bank"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/49758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=49758"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/49758\/revisions"}],"predecessor-version":[{"id":49760,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/49758\/revisions\/49760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/49759"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=49758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=49758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=49758"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=49758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}