STM Update 5.15.25
Recent reports raise concerns about worsening situation in West Africa and Nigeria in particular with regard to upcoming food shortages. Especially during the lean season (July - August) there is an expectation that hunger and food insecurity will be worse this year than last year. For more information see:
Leaning Into Hunger - SBM Intelligence
United Nations says Nigerian Children in Need has doubled since aid cuts - Africa News
Orignal Post 5.1.25
Recent reports from the International Monetary Fund and the World Bank paint a grim picture of Nigeria over the next few years. Already suffering from sustained inflation between 20% and 30% per year, and the severe devaluation of their currency (naira) over the last couple of years to about half of what it was against the dollar, Nigeria's outlook is not improving. The World Bank, in their April "Africa's Pulse" report indicates that Nigeria is now home to 15% of the world's extremely poor people - meaning they earn $2.15 or less per day - which is some 106 million people, just in Nigeria. That is about the same number of extremely poor as Ethiopia and Sudan combined. An estimated 13 million more could sink into extreme poverty in Nigeria during 2025. At the same time, oil prices are going down and are expected to stay there for some time - oil is Nigeria's primary export and low prices put intense pressure on the Nigerian economy.
Nigeria's annual GDP per capita continues to go down and is currently around $835. This does not exactly mean that the average Nigerian earns $835 per year, but it isn't a bad estimate. What is clear is that it is harder and harder for typical Nigerians to make ends meet and their standard of living continues to fall. By comparison, the same measurement in 2014 was over $3000.
For more information:
The World Bank "Africa's Pulse"
Punch Nigeria article
Vanguard Nigeria article
Business Day Nigeria article
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