Ukraine War: World Bank says Nigeria, others faced with high food, energy, fertilizer prices

Written by on April 19, 2022

The World Bank Group President, David Malpass has said that Nigeria and other developing countries are faced with sudden price increases for energy, fertilizer and food, as well as interest rate increases due to war in Ukraine and Covid-19 related shutdown.

This is as the international financial institution has expressed concern over higher poverty rates and even lower growth rates in these developing countries.

This was made known by Malpass while making his opening remark at the World Bank Spring meetings 2022 media roundtable, according to a statement by the World Bank.

Malpass was quoted as saying, “I am deeply concerned about developing countries. They are facing sudden price increases for energy, fertiliser, and food, and the likelihood of interest rate increases. Each one hits them hard.

“These plus the war in Ukraine and China’s COVID-related shutdowns, are pushing global growth rates even lower and poverty rates higher.

“We have lowered our 2022 growth rate to 3.2 per cent from 4.1 per cent before. People are facing reversals in development for education, health and gender equality.

“They are facing reduced commercial activity and trade. Also, the debt crises and currency depreciations have a burden that falls heavily on the poor.’’

Credit: Nairametrics

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