World Bank says Nigeria’s economy worse under Buhari
The World Bank has said that Nigeria’s economy under President Muhammadu Buhari is worse than what it used to be 10 years ago.
The Bank’s damming verdict was based on its findings contained in its flagship report for 2022, titled ‘Global Economic prospect.’
The report noted that the hike in food prices in the country had amplified the negative impact of increased poverty on economic growth.
According to the report, nearly 110 million people in countries like Nigeria, the Democratic Republic of Congo, Ethiopia, and South Sudan had been in situations characterised by food crises.
It said, “the Coronavirus pandemic reversed at least a decade of gains in per capita income in some countries, but in Nigeria, under the Buhari-led administration, the poverty level meant the economy had performed woefully.
“Further rise in food prices would squeeze households’ purchasing power and erode consumer confidence, causing more subdued growth and hindering poverty reduction.”
The World Bank further noted that disruptions to the supply chains or armed conflicts could contribute to surges in food prices, leaving vulnerable groups suffering the most.
It would be recalled that the Bank had in the past taken a swipe at the President Buhari administration over its poor management of Nigeria’s economy.
Periscope International reports that in 2021, the Bretton Woods institution had rubbished the federal government’s fiscal policies and specifically stressed the negative effect of the Central Bank’s exchange rate policies on investments and fuel inflation in Nigeria.
