The World Bank has advised the Federal Government of NIGERIA to tackle spiraling inflation in the country within the next six and 10 months.
Its Lead Economist for Nigeria, Marco Hernandez, who spoke during a virtual roundtable organized by the Nigerian-British Chamber of Commerce (NBCC) said Nigeria should, in the next six to 10 months, bring down the inflation rate; and enhance the foreign exchange auctioning process to help investors make their investment decisions.
According to him, inflation affects the purchasing power of Nigerians and revealed that the country is growing at a slow rate with a high rate of inflation. He also stated that about 5.6 million Nigerians have been pushed below the poverty line within one year.
Hernandez said the country, is at a critical juncture where it must take critical decisions to act.
Also present during the virtual meeting was the Director, Monetary Policy Department, Central Bank of Nigeria (CBN), Hassan Mahmud.
