The World Bank has released a gloomy report revealing that Nigeria may become the home to 25% of the world’s poor unless policies are implemented to revive the economy and reduce unemployment.
In the World Bank report published on Monday, December 2; Nigeria’s economy is expected to improve by 2.1% in 2020 and 2021.
This is still a far cry from the nation’s 2.6% population growth rate.
About half of Nigeria’s almost 200 million people live in poverty, according to the banks.
Last year, Nigeria overtook India as the country with the largest number of people in extreme poverty.
Nigeria’s economy is still recovering from its first annual contraction in 25 years in 2016 that resulted from a collapse in crude prices.
The country could slide back into recession if crude prices fall by 25% to $50 a barrel, the bank said.