‘Protect Poor Against Inflation, Boost Livelihoods,’ World Bank Tells Govt

World Bank

The World Bank has advised the Federal Government to implement reforms that protect the country’s poorest against rising inflation.

The bank also advised the government to boost the livelihoods of all Nigerians through more productive work, which it said is key to reversing high poverty levels.

The World Bank stated this in its latest April 2025 Poverty and Equity Brief for Nigeria, which was obtained on Monday.

The bank had, earlier last month, in its Africa’s Pulse report, declared that more Nigerians would become poor over the next five years, citing Nigeria’s structural economic weaknesses, dependence on oil revenues, and national fragility as key barriers to meaningful poverty reduction.

To alleviate the inflationary effects of recent reforms on the poor, the government launched temporary cash transfers to reach 15 million households.

However, roll-out has been slow, the bank said.

Upon assumption of office on May 29, 2023, President Bola Tinubu’s administration implemented bold economic reforms such as the removal of fuel subsidies and the floating of the naira.

The reforms spiked inflation rates.

Nigeria’s annual inflation rose slightly to 24.23 percent in March 2025, from 23.18 percent in the prior month, which was the softest since June 2023.

Food inflation, the largest component of the inflation basket, remained elevated but eased to 21.79 percent from 23.51 percent in the prior month.

The core inflation, which excludes the prices of volatile agricultural products and energy, quickened to 24.43 percent, from 23.01 percent in the previous month. Monthly, consumer prices rose by 3.90 percent in March, accelerating from 2.04 percent in February.

The World Bank said, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty. Since 2018/19, an additional 42 million people have fallen into poverty, based on World Bank projections.”

Credit: channelstv.com

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