World Bank Urges Nigeria to Tackle Food Inflation Amid Economic Progress

The World Bank's Country Director for Nigeria, Dr. Matthew Verghese, called on the Nigerian government to tackle food inflation despite positive economic indicators. Nigeria has shown economic stability with growth, revenue increase, debt reduction, and foreign exchange improvements.

However, the country faces challenges with eroding purchasing power and high poverty rates. The World Bank emphasizes the need for data-driven monetary and non-expansionary fiscal policies to combat inflation, particularly in the food sector, through structural reforms to address supply chain inefficiencies.