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The Lagos Food Bank is a crucial lifeline to residents like Salami, but has seen supplies from private and other donors fall as inflation soars in Africa's biggest economy. Nigeria food banks cut ...
Nigeria is the most populous country in Africa; a residence for more than 206 million people. [1] Hunger is one of the major issues that affect the citizens. 40% (82 million people) of the citizens live below the International Poverty Line of $1.90 daily, whilst another 25% are vulnerable.
In March 2024, Nigeria's food inflation rate reached 40.01% year-on-year, driven by currency depreciation, supply chain disruptions, and rising agricultural input costs. Essential food items like garri, millet, and yam tubers saw significant price hikes. This inflation exacerbates food insecurity and reduces household purchasing power. [52]
The latest government statistics released Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non-alcoholic beverages. Nigeria’s ...
In May 2022, inflation grew to 17.7 percent, creating new economic and social concerns, particularly among the over 40 percent of the Nigerian population that live below the poverty line and face severe food insecurity. [10]
The latest government statistics released Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non-alcoholic beverages. Nigeria's currency ...
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.
The global bout of inflation has been exacerbated by some of the policies of the government – designed to strengthen the economy in the long term – such as ending a fuel subsidy. "People are ...