The World Bank has called on the Nigerian government to take immediate steps to reduce import tariffs and lift import bans on essential goods in a bid to tackle the country’s soaring inflation and alleviate rising poverty levels.
This recommendation was made by Mathew Verghis, the World Bank Country Director for Nigeria, during a television interview. Verghis warned that inflation remains persistently high in Nigeria, eroding the purchasing power of millions of Nigerians, particularly the country’s most vulnerable populations.
He emphasised that food inflation, which is hovering at around 20%, is a critical driver of poverty in the country. Verghis noted that unless urgent measures are taken to address inflation, the poverty rate in Nigeria is projected to continue rising through 2025, and potentially into 2026.
“The reason we are projecting poverty to continue rising is because inflation remains high enough that it’s undermining household incomes, especially for the poor,” he said, adding, “Food inflation remains at around 20%, which is placing enormous pressure on households.”
To address this, the World Bank recommended a reduction in tariffs on key imported goods, particularly those consumed by low-income Nigerians.
