The World Bank has stated that Nigerian economy under the Muhammadu Buhari administration is the worst. This information was disclosed from the financial institutions 2022 outlook report ‘Global Economic prospect’.
Text from the report: “The pandemic has reversed at least a decade of gains in per capita income in some countries—in almost a third of the region’s economies, including Angola, Nigeria, and South Africa, per capita incomes are forecast to be lower in 2022 than a decade ago,”
The publication stated that high level of food prices could intensify the negative ramifications of poverty on economic growth. The World bank also noted that in 110 million people in Democratic Republic of Congo, Ethiopia, and South Sudan are living in poverty characterized by inflated food prices.
The report further noted the supply chain disruption contributed to the rising prices of food items, with lower economic class citizens bearing the most burden
“Further rise in food prices would squeeze households’ purchasing power and erode consumer confidence, causing more subdued growth and hindering poverty reduction,”
According to the report, revealed that many people living on less than $1.90 a day had jumped from 2.3 per cent to 2.9 per cent in 2021, and the debt burden of countries increased amid slow economic recovery, shrinking fiscal space and weak resource mobilization.
The World Bank condemned Buhari’s fiscal policies, emphasizing the negative effect of Nigeria’s Central Bank exchange rate policies
Meanwhile, the World Bank predicts that Nigeria’s economy will grow by 2.5 per cent in 2022, with surging oil prices a major catalyst for the estimated growth