World Bank: Fuel Prices May Slow Nigeria’s Poverty Reduction

The World Bank has warned that high fuel prices could slow Nigeria’s progress in reducing poverty, as rising energy costs continue to put pressure on household incomes and businesses.

The bank said higher fuel costs could increase transportation expenses and push up the prices of food and other essential goods and services, placing a heavier burden on low-income households.

It stressed that efforts to control inflation, strengthen economic stability and protect vulnerable Nigerians would be crucial to sustaining progress in poverty reduction.