Nigeria's inflation has dropped below 20% for the first time in three years, reaching 18.02% year-on-year in September, down from 20.12% in August. This decline is largely driven by a moderation in food prices, with food inflation easing to 16.87% in September from 21.87% the previous month. The drop in inflation follows sweeping economic reforms by President Bola Tinubu, including the end of fuel subsidies, which have triggered a sharp rise in living costs. The World Bank, while "cautiously optimistic" about Nigeria's economic growth, has highlighted in its latest report that millions have fallen into poverty. The report said that 61% of the population (nearly 140 million people) were now living in poverty, up from 40% (81 million) in 2019. Watch this video to know more.
