Nigeria’s economic growth fuels crime – World Bank | Business and Financial Issues

Africa’s richest economy is riddled with rising prices, food, unemployment and rising prices – a shopping mall that the World Bank warns of leading Nigerians to recover lost money.

Economic growth is devastating Africa’s economy, pushing 7 million Nigerians out of poverty and promoting crime because rising prices reduce costs, according to the World Bank.

In its Nigerian Development Update report, lenders in Washington are projected to grow at 1.8% growth this year, compared to the recent estimate of 1.2%. But it warned that without significant changes, the economy would continue to grow at a slower rate of population growth of about 2.6% per year.

This, combined with rising unemployment and rising prices, is leading many Nigerians in the criminal justice system to earn a living from the continent’s largest oil company. The growth of security in the last two years has also slowed economic growth and left many people without work, which in turn has increased violence and crime, it has lent.

“Even though you have a lot of people going to unstable and busy places, violence has become one of the things you can do,” Nigeria’s Bank chief Nigeria Shubham Chaudhuri said in an interview. “With the rise in inflation, this means the loss of the purchasing power and livelihood of many Nigerians.”

Chaudhuri also said that the government should establish austerity measures before handing over the $ 1.5 billion bank that was discussed more than a year ago.

Although inflation declined slightly in the second straight month to 17.9% in May, it remains about four years and food inflation exceeds 20% per year. The World Bank is seeing a 16.5% decline in inflation this year and remains above 9% above the target until 2023.

Less Loyalty

The World Bank has criticized the central bank’s claim that high inflation stems from a crisis in terms of inflationary pressures, citing inflationary pressures and inflationary pressures as a catalyst for inflation.

“Legislative decisions on currency exchanges, trade and finance as well as economic stimuli are driving inflation, particularly in 2021, than the realities of conflict and climate change,” said Marco Hernandez, the World Bank’s chief economist.

The failure of a reliable anchor is to keep inflation high, while the central bank is striving to achieve many goals, such as improving inflation, boosting economic growth and keeping inflation stable, according to the report.

Although the central bank has played a key role in coordinating government exchanges with those used by investors and exporters, the exchange has not re-launched the market, the World Bank has said.

The central bank needs to introduce more flexibility by re-establishing the dollar banking market, allowing banks to sell their money to increase their liquidity and move to a single level, the bank said.