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World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' - Nairaland / General - Nairaland

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World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by Mmadu111: 11:05pm On Dec 29, 2019
The World Bank has warned the present administration that the number of Nigerians living in extreme poverty may increase by more than 30 million by 2030.

The Bank warned that Nigeria will be home to 25 per cent of the world’s destitute people if the government fails to revive economic growth and create jobs.

It gave the warning in its 2019 Nigeria Economic Update Report, which was released on Monday.

The World Bank urged President Muhammadu Buhari to increase domestic revenue, remove trade restrictions and improve the predictability of economic policy.

It also advised the Nigerian government to remove expensive fuel subsidies, adding that failure to take actions would see more Nigerians falling into extreme poverty.

It stressed that Nigeria could slide back into recession if crude prices fell by 25 per cent to $50 a barrel.

The report read: “Economic and demographic projections highlight the urgent need for reform

“With population growth (estimated at 2. 6 per cent) outpacing economic growth in a context of weak job creation , per capita income is falling . Today , an estimated 100 million Nigerians live on less than $1. 90 per day.

“Close to 80 per cent of poor households are in northern Nigeria, while employment creation and income gains have been concentrated on central and southern Nigeria.


“Nigeria’s economy is expected to grow by 2. 1 per cent in 2020 and 2021, compared to an annual population growth rate of 2. 6 per cent.

“Nigeria’ s economy is recovering gradually from the 2016 recession, with growth projected to pick up from 1. 9 per cent in 2018 to two per cent in 2019

“But the projected growth outlook is vulnerable to external and domestic risks, including geopolitical and trade tensions that may affect inflows of private investment.

“Nigeria has the opportunity to advance reforms to mitigate these risks amid growing public demand for greater economic opportunities.

“President Muhammadu Buhari should increase domestic revenue , remove trade restrictions and improve the predictability of economic policy.

“Nigerian government should remove expensive fuel subsidies and reduce lending to targeted sectors that crowd out banks. Failure to take actions would see more Nigerians falling into extreme poverty.

“The cost of inaction is significant. 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,” the Bank warned.

https://dailytimetv.com/world-bank-raise-alarm-says-extreme-poverty-may-hit-nigerians/
Re: World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by Tekzyflex(m): 11:11pm On Dec 29, 2019
Are we not already in extreme poverty... They should say extremest poverty may hit Nigeria soon.

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Re: World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by ilevic(m): 11:13pm On Dec 29, 2019
Sadly nobody seems to care
Re: World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by ojun50(m): 11:25pm On Dec 29, 2019
have been hearing dis for the pass 10 years now
Re: World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by Davinity: 11:34pm On Dec 29, 2019
The North has always been home to more than 70℅ of Nigeria's poor people largely due to their religious inclination and fanatism

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Re: World Bank Raise Alarm, Says 'extreme Poverty May Hit Nigerians' by Parablesonmarble: 11:50pm On Dec 29, 2019
We've already been hit. Now don't cause more problems for us by telling these numb skulls that the gains is concentrated in the Middle belt and the South ooo. Middle belt people have suffered enough in the bid of our dear Government to re-distribute the wealth in there. That is also why pythons have been dancing and crocodiles smiling in the South for more than three years. That is why RUGA is the best thing that would ever happen to Nigeria according to our leaders. Its not as a result of prolonged and systematic miseducation of the Notherners to keep them in perpetual darkness of thought, free will and creation of wealth. The pervasive poverty also has nothing to do with government policies, appointment of the wrong people in sensitive posts, selective fight of corruption and wrong advises from selected few that sees all and knows all. It simply because Nigerian youths are lazy lots.

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