Predicts 7.4% growth in 2014
James Emejo

The World Bank Tuesday said there had been positive economic trend as well as significant progress made towards poverty eradication in the country.

It said in its second edition of the Nigeria Economic Report (NER) which was launched in Abuja that going by the recent rebasing of the economy as well as analysis from the new General Household Surveys (GHS) conducted by the National Bureau of Statistics (NBS) with the support of the Bank, new poverty estimates in 2010/2011 and 2012/2013 should be within the range of 35.2 per cent and 33.1 per cent respectively.

Although the previous NBS Harmonised Nigeria Living Standards Survey (HNLSS) 2009/2010, which took a larger study sample into account had estimated poverty rate at 62.6 percent, the Breton woods institution said it had strong reasons to believe that "consumption was seriously underestimated in the large HNLSS household survey in 2009/2010."


It stated that an analysis of a panel survey data (GHS) of 5000 households for 2010/2011 and 2012/2013 provided "evidence that consumption is likely higher than previously estimated from the HNLSS survey."


Furthermore, the new GHS analysis put rural poverty at 46.3 per cent and 44.9 per cent in 2010/2011 and 2012/2013 respectively compared to 69.1 per cent and 51.2 per cent respectively in the HNLSS 2009/2010 estimates by the NBS.

The World Bank estimates further suggested that the number of poor Nigerians remained at 58 million adding that more than half of the figure are located in the North- east or North- west.

Specifically, it noted:" Poverty rates range from 16 per cent in the South- West to 52 per cent in the North-East. While the South and North central experienced declines in the poverty rate between 2010/2011 and 2012/2013, the poverty rate increased almost unchanged in the North West."
Details to

www.thisdaylive.com/articles/world-bank-puts-nigerias-poverty-rate-at-33-1-/184259/

Bad news for Apeeshit!

Slow and steady we are getting there.

I've always doubted that "60% percent Nigerians living on less than 2 dollars a day" data though

I actually have never accepted the concept that 80% of Nigerians live below $1 a day. It just doesn't add up with the general economic trend in the country. wonderful news today!!!

This will make certain persons wishing evil for Nigeria and Nigerians just to discredit Goodluck Jonathan`s administration develop grey hair and fever.

[size=18pt]Poverty rate in Nigeria remains at 62.6%, according to UNDP[/size]

http://www.ng.undp.org/content/nigeria/en/home/mdgoverview/overview/mdg1/

[size=18pt]How does rebasing add to household income?[/size]

Eldavido1: Predicts 7.4% growth in 2014
James Emejo

The World Bank Tuesday said there had been positive economic trend as well as significant progress made towards poverty eradication in the country.

It said in its second edition of the Nigeria Economic Report (NER) which was launched in Abuja that going by the recent rebasing of the economy as well as analysis from the new General Household Surveys (GHS) conducted by the National Bureau of Statistics (NBS) with the support of the Bank, new poverty estimates in 2010/2011 and 2012/2013 should be within the range of 35.2 per cent and 33.1 per cent respectively.

Although the previous NBS Harmonised Nigeria Living Standards Survey (HNLSS) 2009/2010, which took a larger study sample into account had estimated poverty rate at 62.6 percent, the Breton woods institution said it had strong reasons to believe that "consumption was seriously underestimated in the large HNLSS household survey in 2009/2010."


It stated that an analysis of a panel survey data (GHS) of 5000 households for 2010/2011 and 2012/2013 provided "evidence that consumption is likely higher than previously estimated from the HNLSS survey."


Furthermore, the new GHS analysis put rural poverty at 46.3 per cent and 44.9 per cent in 2010/2011 and 2012/2013 respectively compared to 69.1 per cent and 51.2 per cent respectively in the HNLSS 2009/2010 estimates by the NBS.

The World Bank estimates further suggested that the number of poor Nigerians remained at 58 million adding that more than half of the figure are located in the North- east or North- west.

Specifically, it noted:" Poverty rates range from 16 per cent in the South- West to 52 per cent in the North-East. While the South and North central experienced declines in the poverty rate between 2010/2011 and 2012/2013, the poverty rate increased almost unchanged in the North West."
Details to

www.thisdaylive.com/articles/world-bank-puts-nigerias-poverty-rate-at-33-1-/184259/

Good indices which all point to GEJ continuing beyond 2015.

It seems the South West has the lowest poverty rate since it is the region with the minimum bound of the national range. Where can we get the online version of this report?

Where is liar mohammend and his army of town criers.

gud news to those anticipating d salvatio of dis country and bad news to those who've vowed never to see anything gud in gej government.

knock out to lie peddlers n haters.

I donblive it since there is no job for our youth

But I thought some people usually come to nairaland to talk about how poor south western people are, and how every member of their own tribe is a billionaire? Figures don't lie at all.

NWANICHODE: I donblive it since there is no job for our youth

A percentage of youth employment issues are mostly cases of under-employment rather than out-right unemployment. Some simply want better jobs.

[size=14pt]
World Bank affirms brighter economic outlook for Nigeria[/size]

‘Macroeconomic risks persist due to fundamental uncertainties’

NIGERIA'S short term macroeconomic outlook improved in the first half of 2014 relative to 2013, according to the World Bank in its new Nigeria Economic Report (NER) launched Tuesday in Abuja.

The report indicated that revenues to the federation have increased, foreign reserves have stabilised, the Excess Crude Account (ECA) has been augmented, and prospects for growth are stronger than last year.

The bank pointed out that the re-based GDP estimates has revealed a larger, more dynamic and complex economy than the previous statistics should. The report however stressed that macroeconomic risks remain due to uncertainty about future oil output, oil prices, and short term capital flows.

The NER analyses new data from household surveys in 2010/2011 and 2012/2013 to reassess poverty and living standards in Nigeria and concludes that poverty rates in Nigeria are likely significantly lower than previously believed, and progress toward poverty reduction may be stronger.

According to the report, poverty reduction in Nigeria appears to be primarily an urban phenomenon, with poverty rates in rural areas higher, and poverty reduction slower.

While recent panel surveys indicate that the per capita national poverty rate based on the official poverty line may now be as low as 33.1 per cent, a large share of the Nigerian population is still not far above the poverty line, indicating vulnerability.

“The combination of the new GDP and poverty estimates is valuable in giving us what we believe to be a clearer picture of development and poverty reduction in Nigeria,” said John Litwack, Lead Economist and Acting Country Manager of the World Bank.“ Both sets of numbers indicate the prime importance of urban areas for growth and poverty reduction.”

The NER also highlighted continuing differences between Nigeria’s regions in poverty reduction. For instance, the South and North Central regions showed progress in poverty reduction between 2010 and 2013, while the North West witnessed little change, and the North East experienced an increase in the poverty rate along with a general decline in living standards.

“Improvements in public services, key infrastructure to better connect markets, and measures to increase productivity in agriculture could help put Northern regions on a strong path toward poverty reduction”, said Litwack, lead author of the report, whilst also noting the critical role of security.

http://www.ngrguardiannews.com/business/172004-world-bank-affirms-brighter-economic-outlook-for-nigeria

Amanwulu1: gud news to those anticipating d salvatio of dis country and bad news to those who've vowed never to see anything gud in gej government.

My thought exactly! Haters can now bow their faces in shame

mods should put this on the front page

Nigeria’s economy outlook growing, says World Bank
Posted by: Nduka Chiejina, Abuja in Featured, News 1 min ago
Nigeria’s short term macroeconomic outlook improved in the first half of this year relative to 2013, according to the World Bank in its new Nigeria Economic Report (NER) launched yesterday in Abuja.
The report states: Revenues to the Federation have increased, foreign reserves have stabilised, the Excess Crude Account (ECA) has been augmented, and prospects for growth are stronger than last year.”
The stabilisation of foreign reserves the World Bank said, “reflects greater confidence among investors. Following a year of decline, foreign reserves stabilised in April-May, in the context of improved confidence of investors.
The precise causes of this stabilization the World Bank noted, will need to be assessed further when more data becomes available. “Yet the partial stabilisation of expectations of investors concerning oil prices, fiscal policy, and the commitment of the Central Bank to defending the exchange rate is clearly important,” said the World Bank.
Expectations about the performance of the oil sector, it said, have improved in general, bolstered by increases in oil revenues accruing to the government.

The World Bank, using the International Labour Organisation (ILO), definition, stated that “unemployment rate in Nigeria, according to a usual ILO definition, is likely lower than 10 per cent.

This, it said, “is the conclusion that comes from unofficial assessments, including that of the National Bureau of Statistics (NBS), and does not contradict the fact that the scarcity of jobs is the number one economic in Nigeria”.
As in many other developing countries, the report noted, “most Nigerians cannot afford to be completely unemployed”. “Those without good productive employment therefore typically engage in various low productivity and low paying tasks for survival.”
Unemployment, the report said, “may be better understood as an underemployment problem corresponding to a scarcity of high productivity jobs, and in many cases of highly qualified candidates to fill those jobs”. “These additional jobs and qualifications need to be created in Nigeria through accelerated private sector growth in the cities and improvements in the country’s education system.”

The re-based GDP estimates reveal a larger, more dynamic and complex economy than did previous statistics, said the report, stresses that macroeconomic risks remain due to uncertainty about future oil output, oil prices and short term capital flows.

The NER analyses new data from household surveys in 2010/2011 and 2012/2013 to reassess poverty and living standards in Nigeria and “concludes that poverty rates in Nigeria are likely significantly lower than previously believed, and progress toward poverty reduction may be stronger”.
According to the report, “poverty reduction in Nigeria appears to be primarily an urban phenomenon, with poverty rates in rural areas higher, and poverty reduction slower”.
While recent panel surveys indicate that the per capita national poverty rate based on the official poverty line may now be as low as 33.1 per cent, a large share of the Nigerian population the report said “is still not far above the poverty line, indicating vulnerability.”

“The combination of the new GDP and poverty estimates is valuable in giving us what we believe to be a clearer picture of development and poverty reduction in Nigeria,” said John Litwack, Lead Economist and Acting Country Manager of the World Bank.
The NER also highlights continuing differences between Nigeria’s regions in poverty reduction. The South and North Central regions show progress in poverty reduction between 2010 and 2013. The North West witnessed little change, and the Northeast experienced an increase in the poverty rate along with a general decline in living standards.

“Improvements in public services, key infrastructure to better connect markets, and measures to increase productivity in agriculture could help put Northern regions on a strong path toward poverty reduction,” said Mr Litwack, lead author of the report, whilst also noting the critical role of security.

In 2013, federation revenues mirrored federal budgetary revenues which also fell short of expectations in 2013, despite coverage by the ECA of a good part of the shortfalls.
The World Bank report noted that “some expenditure items were not fully funded. In particular, the capital budget was significantly underfunded while recurrent expenditures and statutory transfers were almost fully funded. Actual capital spending in 2013 was 60 per cent of planned. The federal budget deficit for 2013 of 738.9 billion Naira was 17 per cent lower than projected and amounted to one percent of (re-based) GDP.”


http://thenationonlineng.net/new/nigerias-economy-outlook-growing-says-world-bank

supporters of APC won't like this

The world bank is completely full of crap but this figures makes more sense to what's on ground. I mean, what kind of bank is allowed to make such a point error for 1 decade and still be cited the next day as reputable but anyways, I never believed for a second that an average nigerian lives on less than 1 dollar a day. That's just plan dumb. The western countries has always tried to put african countries down with there silly statistics.

Which of your South West?

We dont need to overflogg this but just travel and see for yourself, inasmuch as SW has 16% SE n SS was not mentioned but be as it may visit an average SW city and that of SE, interact and see their living conditions, streams of income generation, standard of living, number of household you will know that some of thses IMF and WB statistics are shallow, speculative, faulty and debatable.

huptin: But I thought some people usually come to nairaland to talk about how poor south western people are, and how every member of their own tribe is a billionaire? Figures don't lie at all.

BuddahMonk: Which of your South West?

We dont need to overflogg this but just travel and see for yourself, inasmuch as SW has 16% SE n SS was not mentioned but be as it may visit an average SW city and that of SE, interact and see their living conditions, streams of income generation, standard of living, number of household you will know that some of thses IMF and WB statistics are shallow, speculative, faulty and debatable.

Bro Chino, no vex o...Abeg bring out your own statistics make we see am. Since you disagree with these figures, let us have your figures.

BuddahMonk: Which of your South West?

We dont need to overflogg this but just travel and see for yourself, inasmuch as SW has 16% SE n SS was not mentioned but be as it may visit an average SW city and that of SE, interact and see their living conditions, streams of income generation, standard of living, number of household you will know that some of thses IMF and WB statistics are shallow, speculative, faulty and debatable.

world bank statistic are shallow and faulty now...lolzz

GOOD news for Nigeria, BAD news for APC leaders and APC e-cockroaches

about time they worked on their previous statistic.Anyway, good news. This is front page material. Mods pls do the needful.

Well we knew it's going to happen. You can't neglect the basics and be chasing shadows then expect miracle to happen.

atlwireles:
The World Bank, using the International Labour Organisation (ILO), definition, stated that “unemployment rate in Nigeria, according to a usual ILO definition, is likely lower than 10 per cent.

This, it said, “is the conclusion that comes from unofficial assessments, including that of the National Bureau of Statistics (NBS), and does not contradict the fact that the scarcity of jobs is the number one economic in Nigeria”.
As in many other developing countries, the report noted, “most Nigerians cannot afford to be completely unemployed”. “Those without good productive employment therefore typically engage in various low productivity and low paying tasks for survival.”
Unemployment, the report said, “may be better understood as an underemployment problem corresponding to a scarcity of high productivity jobs, and in many cases of highly qualified candidates to fill those jobs”. “These additional jobs and qualifications need to be created in Nigeria through accelerated private sector growth in the cities and improvements in the country’s education system.”

My thoughts exactly. I always believed we have more of under-employment issues in this country than unemployment.

This is why some of us will not be moved by any political Propaganda trying to destroy this current administration. Like him or hate him. this President is making use of the best brain in terms of the Economy at the moment. Okonjo in Finance, Adeshina in Agriculture, the Aganga guy in Trade and investment. Can you beat that?

The World Bank estimates further suggested that the number of poor Nigerians remained at 58 million adding that more than half of the figure are located in the North- east or North-west.


These Geopolitical zones need to wake up to the reality and do everything possible to give Boko Haram away...No investment will go the way of any insecure zone

58M poor in Nigeria
half of 58 from NW and NE =29 million

OtunbaJega: [size=18pt]Poverty rate in Nigeria remains at 62.6%, according to UNDP[/size]

http://www.ng.undp.org/content/nigeria/en/home/mdgoverview/overview/mdg1/

This is the content of the link you posted. How does this contradict the present release by world bank?

Recent economic growth, particularly in agriculture, has markedly reduced the proportion of underweight children, from 35.7 per cent in 1990 to 27.4 per cent in 2012, trailing behind the 2015 target of 17.85 per cent. Also the proportion of Nigerian population suffering from hunger is 8.26 per cent in 2012 against 9.66 per cent of 2015 target (source, OSSAP-MDG). However, growth has not generated enough jobs and its effect on poverty is not yet clear the available data and the current policy environment suggest that the target will be difficult to meet.

Growth needs to be more equitable and broad-based. Developing agriculture and creating jobs will require the public sector to create an enabling environment for business, including building critical infrastructure, making regulatory services transparent and providing sustainable access to enterprise finance. Social protection and poverty eradication programmes need to be scaled-up and better coordinated.