World Bank warns FG of rising poverty levels, says Nigeria houses 25% of world’s poor

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.

As a way of combating this, the World Bank implored President Muhammadu Buhari to increase domestic revenue; remove trade restrictions and improve the predictability of economic policy.
It also called on the government to remove expensive fuel subsidies; reduce central bank lending to targeted sectors that crowds out banks.
The report reads, “Under a business-as-usual scenario, where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of Nigerians living in extreme poverty could increase by more than 30 million.”

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.

Ng daily

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Read also x