The World Bank has warned that without deep economic reforms, Nigeria’s economy will continue to grow at slower pace than its population expansion of about 2.6 percent a year.
According to the World Bank, surging inflation is undermining the recovery of Africa’s biggest economy, pushing 7 million Nigerians into poverty and encouraging criminality as rising prices deplete already meager incomes.
In its Nigeria Development Update report, the Washington-based lender projects economic growth of 1.8% this year, compared with a previous estimate of 1.2%. It warned that without deep reforms, the economy will continue to grow slower than the pace of population expansion of about 2.6% a year.
World Bank’s country director for Nigeria, Shubham Chaudhuri,in an interview said that rising unemployment and inflation, is leading more Nigerians into criminal enterprises to make up for lost earnings in the continent’s top oil producer.
He also said that A surge in insecurity over the past two years has further slowed economic activity and left more people unemployed, fueling a vicious cycle of violence and criminality.