News
‘Inflation’ll Push 15m Nigerians Into Poverty In Two Years’
The World Bank has said that inflation shock is projected to push about 15million more Nigerians into poverty between 2020 and 2022.
The Washington-based bank said this in its latest Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.
The report read in part, “Overall, the ‘inflation shock’ is estimated to result in about 15million more Nigerians living in poverty between 2020 and 2022.”
The lending bank stressed the need for reducing the rising rate of inflation, which is pushing millions of Nigerians into poverty.
Although the World Bank said that inflation in 2022 was projected to be 15.5per cent, Nigeria’s inflation as of May this year is 17.71per cent, which is higher than the World Bank’s projection.
The lending bank further said that Nigeria has one of the highest inflation rates in the world.
According to the bank, inflationary pressures in the country are driven by certain policy distortions.
The bank said, “Inflationary pressures were compounded by policy distortions, in particular (i) lack of flexible foreign exchange management, (ii) trade restrictions, and (iii) conflicting monetary policy goals.”
It further disclosed that global supply shocks exacerbated inflationary pressures and increased the urgency.
Aside from the policy distortions, the COVID-19 pandemic and the war in Ukraine have contributed to rising inflation.
It was also stated that the financing of the fiscal deficit and trade restrictions by the Central Bank of Nigeria (CBN) contributes to fuelling inflationary pressures, and Nigeria will have one of the highest inflation rates in Sub-Saharan Africa in 2022.
The bank also said that poverty might be becoming entrenched in certain Nigerian households, particularly in rural areas in the North.
In combating poverty, certain reforms were recommended, which include fiscal, trade, and exchange-rate policy that could help diversify the economy; invigorating structural transformation; and creating good, productive jobs, especially wage jobs.
World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine was threatening Nigeria’s poverty reduction aspiration.
In June last year, President MuhammaduBuhari inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President, ProfYemiOsinbajo.
This, he said, re-echoes his commitment to lifting 100million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
Despite this, the rate of poverty in the country seems to be on the rise, driven significantly by inflation.
In its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, the World Bank said that poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
The Washington-based bank added that the number of poor Nigerians is projected to hit 95.1million in 2022.
The World Bank also warned that many non-poor Nigerians were only one small shock away from falling into poverty.
According to the lender, such a shock can be induced by the issues of climate or conflict which could further threaten Nigeria’s poverty reduction efforts.
Like the World Bank, the International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022.
Speaking on the development, an Associate-Professor of Economics at the Pan-Atlantic University, OlalekanAworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.
The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.
By: John Bibor, Menebe Emmanuel & Fortune Paibi
Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.
Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.
By: Jessica Sambol