The World Bank says it will take northern states 40 years to catch up with their southern counterparts considering the “current growth rates”.

The bank notes that low growth has deepened regional gaps with the mainstays of the northern economy – agriculture, solid minerals and manufacturing – not experiencing rapid growth in recent years.

The views are contained in Nigeria Country Economic Memorandum (CEM) the Bank released in Abuja yesterday, with participants joining online from different parts of the world.

The 72-page document entitled, ‘Charting a New Course’, describes the main trends and drivers of growth and job creation and covers 2000 to 2021. It also outlines the key challenges and opportunities to speed up growth and create jobs, synthesising findings from recent analyses, including challenges and prospects in selected areas; while presenting
policy options to sustain inclusive growth.

The report highlights the sharp gap between per capita levels of northern and southern states, saying, “the poverty rate is almost 20 times higher in Sokoto — the state with the highest poverty rate, at 87.7 per cent— compared to Lagos—the state with the lowest poverty rate, at 4.5 per cent” while quoting
2018/2019 data.

It notes that it will take the country about a decade to get back to per capita income level recorded pre-2014, that is, before the oil price shock that triggered the 2016 recession.

According to the document, a comprehensive report on the country’s socioeconomic indicators and detailed explanations of the trends says the modest economic gains recorded during the structural reforms of 2000 to 2010 were wiped in the following decade when the reforms were discontinued.

“Despite its vast natural resources and a young entrepreneurial population, development in Nigeria
has stagnated over the last decade and the country
is failing to keep up with the GDP growth of its
peers. Declining private investment and demographic
pressure push young Nigerians to pursue
opportunities overseas.

“Nigeria was a rising growth star globally in the
2000s due to the implementation of several
structural reforms in the context of rising oil prices.
Yet, this fast growth was not accompanied by robust
job creation.

“Between 2001 and 2010, Nigeria ranked among the
top 15 fastest growing economies in the world, with
an average annual growth rate of 8.2. However, the
hard-won income gains from the 2000s evaporated
between 2011 and 2021, due to the lack of deeper
structural reforms, global shocks, conflicting
macroeconomic policies, and increased insecurity
percent,” it argues.

Identifying job creation as a potent option for
accelerating poverty reduction and closing spatial
inequality, the report urges the government to
unlock the opportunities in private investment to
create quality and sustainable jobs.

“To catalyse private investment and offer more
opportunities to the youth, the priority is to restore
and preserve macroeconomic stability, which has
weakened in recent years due to conflicting
monetary policy goals, over-reliance on oil exports,
limited fiscal space and restrictive trade policies,” it
adds even as it admits that oil remains the country’s
economic “backbone.”

The CEM outlines policy options focused on
enhancing macroeconomic stability and an overall
business-enabling environment. Some of the
recommendations are improving the exchange rate
system, removing trade barriers, increasing non-oil
revenues and tackling inflation, which it said has
pushed an estimated eight million Nigerians into
poverty between 2020 and 2021.

It also calls for strengthening the rule of law and
social cohesion as well as enhancing the country’s
competitiveness by addressing key constraints to
private investment such as poor power supply,
protectionist trade regulations, poor access to
finance, and low digitalisation.

“While there is no silver bullet to accelerate growth,
Nigeria can become a rising growth star again if it
implements a comprehensive set of bold reforms in a
timely manner,” the report assures.


https://guardian.ng/business-services/itll-take-north-40-years-to-catch-up-with-south-says-world-bank/

We don't need works bank to tell us that.

Are you insinuating the South should wait for the north ni, or Nigeria should concentrate development in the north so as to meet up with the South?

This is one reason Nigeria should not allow the likes of Akinwunmi Adeshina, Okonjo Iweala, Ezekwesili to become Nigeria's president. They have been so hypnotized with western education that their policies would always under develop Nigeria

This is exactly why this country may not get beta. Instead of every region to develop at their own pace, a particular region keeps dragging everyone down with quota system and cravings for power at the centre

It may take less than that number of years with Peter Obi’s presidency.. He has good plans for the north. He has been singing it that the massive unused lands for agriculture in the north are the Nigeria’s new oil..
But will the northern elites allow him to develop their religion ( GEJ and Almajiri schools comes to my mind).. The northern elites are using this backwardness to their advantage during elections.. It is really unfortunate.

You all should get your PVCs and let's join hands and vote massively for peter Obi come 2023.

Obi is the best man for the job.

.

If we decentralise power & adopt regional governments, you'll be amazed at the progress made by each region after a decade.

Are you for real?

Ttalk:
We don't need works bank to tell us that.

Are you insinuating the South should wait for the north ni, or Nigeria should concentrate development in the north so as to meet up with the South?

This is one reason Nigeria should not allow the likes of Akinwunmi Adeshina, Okonjo Iweala, Ezekwesili to become Nigeria's president. They have been so hypnotized with western education that their policies would always under develop Nigeria

ExAngel007:
The World Bank says it will take northern states 40 years to catch up with their southern counterparts considering the “current growth rates”.

The bank notes that low growth has deepened regional gaps with the mainstays of the northern economy – agriculture, solid minerals and manufacturing – not experiencing rapid growth in recent years.

The views are contained in Nigeria Country Economic Memorandum (CEM) the Bank released in Abuja yesterday, with participants joining online from different parts of the world.

The 72-page document entitled, ‘Charting a New Course’, describes the main trends and drivers of growth and job creation and covers 2000 to 2021. It also outlines the key challenges and opportunities to speed up growth and create jobs, synthesising findings from recent analyses, including challenges and prospects in selected areas; while presenting
policy options to sustain inclusive growth.

The report highlights the sharp gap between per capita levels of northern and southern states, saying, “the poverty rate is almost 20 times higher in Sokoto — the state with the highest poverty rate, at 87.7 per cent— compared to Lagos—the state with the lowest poverty rate, at 4.5 per cent” while quoting
2018/2019 data.

It notes that it will take the country about a decade to get back to per capita income level recorded pre-2014, that is, before the oil price shock that triggered the 2016 recession.

According to the document, a comprehensive report on the country’s socioeconomic indicators and detailed explanations of the trends says the modest economic gains recorded during the structural reforms of 2000 to 2010 were wiped in the following decade when the reforms were discontinued.

“Despite its vast natural resources and a young entrepreneurial population, development in Nigeria
has stagnated over the last decade and the country
is failing to keep up with the GDP growth of its
peers. Declining private investment and demographic
pressure push young Nigerians to pursue
opportunities overseas.

“Nigeria was a rising growth star globally in the
2000s due to the implementation of several
structural reforms in the context of rising oil prices.
Yet, this fast growth was not accompanied by robust
job creation.

“Between 2001 and 2010, Nigeria ranked among the
top 15 fastest growing economies in the world, with
an average annual growth rate of 8.2. However, the
hard-won income gains from the 2000s evaporated
between 2011 and 2021, due to the lack of deeper
structural reforms, global shocks, conflicting
macroeconomic policies, and increased insecurity
percent,” it argues.

Identifying job creation as a potent option for
accelerating poverty reduction and closing spatial
inequality, the report urges the government to
unlock the opportunities in private investment to
create quality and sustainable jobs.

“To catalyse private investment and offer more
opportunities to the youth, the priority is to restore
and preserve macroeconomic stability, which has
weakened in recent years due to conflicting
monetary policy goals, over-reliance on oil exports,
limited fiscal space and restrictive trade policies,” it
adds even as it admits that oil remains the country’s
economic “backbone.”

The CEM outlines policy options focused on
enhancing macroeconomic stability and an overall
business-enabling environment. Some of the
recommendations are improving the exchange rate
system, removing trade barriers, increasing non-oil
revenues and tackling inflation, which it said has
pushed an estimated eight million Nigerians into
poverty between 2020 and 2021.

It also calls for strengthening the rule of law and
social cohesion as well as enhancing the country’s
competitiveness by addressing key constraints to
private investment such as poor power supply,
protectionist trade regulations, poor access to
finance, and low digitalisation.

“While there is no silver bullet to accelerate growth,
Nigeria can become a rising growth star again if it
implements a comprehensive set of bold reforms in a
timely manner,” the report assures.


https://guardian.ng/business-services/itll-take-north-40-years-to-catch-up-with-south-says-world-bank/

Nawa ooo!

GoooodHardDick:
You all should get your PVCs and let's join hands and vote massively for peter Obi come 2023.

Obi is the best man for the job.

Are you alright, we talking of neo-colonization strategy of Western world you are talking about presidential candidate to vote.

You don't know the ailment you are suffering from

Nbote:
This is exactly why this country may not get beta. Instead of every region to develop at their own pace, a particular region keeps dragging everyone down with quota system and cravings for power at the centre

meanwhile they have mostly been the ones governing this country since independence

It will only take 8 years of Asiwaju Bola Tinubu presidency, he's the only one that has a solid plan for the agric sector in the north. He has vow to create the agricultural commodity exchange market, agricultural commodity pricing board and 1 industrial park in each of the six geo political zones.



ASIWAJU KNOWS THE WAY
FOLLOW HIM NOW

GoooodHardDick:
You all should get your PVCs and let's join hands and vote massively for peter Obi come 2023.

Obi is the best man for the job.

Some of you obviously do not know Peter Obi. Besides his indictment in the Pandora Papers, are you not aware of the case when he was still Anambra gov way back 2009 and N250m cash was found in his car in Lagos as he attempted to launder the money claiming it was to pay a contractor? Mike Okiro the IG then had to size the cash and pay it into Anambra account with Spring Bank. Wone of you don't bother to read or do any research, Obi is as dirty as James Ibori or Babangida Aliyu, he just happens to know how to lie more brazenly. Open this link and verify, from Vanguard, not Nation newspaper or TVC https://www.vanguardngr.com/2009/07/alleged-n250m-anambra-money-police-launches-fresh-investigation/

Tsolutionjoseph:
Some of you obviously do not know Peter Obi. Besides his indictment in the Pandora Papers, are you not aware of the case when he was still Anambra gov way back 2009 and N250m cash was found in his car in Lagos as he attempted to launder the money claiming it was to pay a contractor? Mike Okiro the IG then had to size the cash and pay it into Anambra account with Spring Bank. Wone of you don't bother to read or do any research, Obi is as dirty as James Ibori or Babangida Aliyu, he just happens to know how to lie more brazenly. Open this link and verify, from Vanguard, not Nation newspaper or TVC https://www.vanguardngr.com/2009/07/alleged-n250m-anambra-money-police-launches-fresh-investigation/

Which Pabdora paper indictment? Did you read anywhere in the Pandora document where Obi was accused of doing the investment while he was a governor of Anambra state? Go and watch Obi clarification on the Pandora document and take up his challenge for you guys or forever remain silent. As for your so-called #250m case, I wonder which court tried the case. I also wonder why the Yoruba Islamic group have not instructed their lawyers to take Obi to court over it.

They have President Buhari, 19 governors and all service chiefs even the suspended Accountant General of the Federation who lotted 109bn naira.

Even the Richest Man in Africa is from the North of Nigeria

Tsolutionjoseph:
Some of you obviously do not know Peter Obi. Besides his indictment in the Pandora Papers, are you not aware of the case when he was still Anambra gov way back 2009 and N250m cash was found in his car in Lagos as he attempted to launder the money claiming it was to pay a contractor? Mike Okiro the IG then had to size the cash and pay it into Anambra account with Spring Bank. Wone of you don't bother to read or do any research, Obi is as dirty as James Ibori or Babangida Aliyu, he just happens to know how to lie more brazenly. Open this link and verify, from Vanguard, not Nation newspaper or TVC https://www.vanguardngr.com/2009/07/alleged-n250m-anambra-money-police-launches-fresh-investigation/

Bros tell us what bullion van was doing in Tinubu's House and why he has made Lagos State treasurey his personal property.

Also explain to us the mystery behind Atiku's 1billion Naira bribe to ayu as revealed to us by wike.

We're waiting for your response

GoooodHardDick:


Bros tell us what bullion van was doing in Tinubu's House and why he has made Lagos State treasurey his personal property.

Also explain to us the mystery behind Atiku's 1billion Naira bribe to ayu as revealed to us by wike.

We're waiting for your response

you said he is different from Nigeria politicians

JAMO84:
It will only take 8 years of Asiwaju Bola Tinubu presidency, he's the only one that has a solid plan for the agric sector in the north. He has vow to create the agricultural commodity exchange market, agricultural commodity pricing board and 1 industrial park in each of the six geo political zones.



ASIWAJU KNOWS THE WAY
FOLLOW HIM NOW

Asiwaju lack experience of rural governance. He thinks it's by painting the city center alone. Peter obi has a record of opening up remote hintersland which created economic boom in the grassroots

Tsolutionjoseph:
you said he is different from Nigeria politicians

Kindly Answer my question.

Obi might not be a saint but he is by far better than Tinubu and Atiku combined together.

If obi wasn't in the race, Nigeria would have been left with an option of choosing between sniper and otapiapia but thank God obi is here to rescue us

That's a big lie ...north is not ready
Take Igbos for example took us time to accept British rule and education but when we did 1920s we were the least educated ...most clacks were Northerners later Yorubas

But Igbos saw the importance of education and developed it ...trust me majority of primary and secondary schools in the east in those days were community schools

How many community school do we have in the north ?


Fulani that controls the north know they have low population so educating the north means educating Hausa ...and uneducated man is easy to rule because he won't ask questions but an educated man asks questions and brings rebellion

obyrich:
Which Pabdora paper indictment? Did you read anywhere in the Pandora document where Obi was accused of doing the investment while he was a governor of Anambra state? Go and watch Obi clarification on the Pandora document and take up his challenge for you guys or forever remain silent. As for your so-called #250m case, I wonder which court tried the case. I also wonder why the Yoruba Islamic group have not instructed their lawyers to take Obi to court over it.

but same Tinubu u term a criminal has been cleared In court several times just like your Pandora Peter obi

Tsolutionjoseph:
Some of you obviously do not know Peter Obi. Besides his indictment in the Pandora Papers, are you not aware of the case when he was still Anambra gov way back 2009 and N250m cash was found in his car in Lagos as he attempted to launder the money claiming it was to pay a contractor? Mike Okiro the IG then had to size the cash and pay it into Anambra account with Spring Bank. Wone of you don't bother to read or do any research, Obi is as dirty as James Ibori or Babangida Aliyu, he just happens to know how to lie more brazenly. Open this link and verify, from Vanguard, not Nation newspaper or TVC https://www.vanguardngr.com/2009/07/alleged-n250m-anambra-money-police-launches-fresh-investigation/

Peter obi laundering N250 million? Are you for real? Someone that that bought 1 million pounds property in 1996? Wetin him wan do with that chicken change?

Ogbuefi2020:

Peter obi laundering N250 million? Are you for real? Someone that that bought 1 million pounds property in 1996? Wetin him wan do with that chicken change?

u will ask Peter Obi, not me

Ogbuefi2020:

Asiwaju lack experience of rural governance. He thinks it's by painting the city center alone. Peter obi has a record of opening up remote hintersland which created economic boom in the grassroots

Take this your argument to soludo......

The richest people in nigeria are Northerners, the people with the highest position of power are Northerners, the people with the highest exotic travels are Northerners,

Sanusi once said 50yrs...
Bubu came and retarded Southerners growth by closing their borders and economy... slashed 10yrs!
I believe Mikano will finish the job!

End nigeria now

JAMO84:
It will only take 8 years of Asiwaju Bola Tinubu presidency, he's the only one that has a solid plan for the agric sector in the north. He has vow to create the agricultural commodity exchange market, agricultural commodity pricing board and 1 industrial park in each of the six geo political zones.



ASIWAJU KNOWS THE WAY
FOLLOW HIM NOW

Like the way he steals people's identity.

When I see people talking about the north...I just ask.

Have been to the north?

These people are one of the poorest people in Africa.

The rich enshrined the 'caste system' where the poor marry the poor and the rich marry the rich.

They use religion to to cage them for not calling their leaders to account. It is in the same north,It was recorded where people used animals dungs to cook.

A visit to the villages their will convinced u without much to say.

Many villages in the north have not see borehole nor tap water before despites all the dam projects in the region.

It is indeed sad for such a report about a country that own the largest reserve of gas and oil in the world.

May it not be well the bad political class in this country. May evil not depart their families for having stolen the destiny of the people away.

Who cares?
They don't even care about their own future, so why should I care?

They should keep voting for their pdapc na.

Ogbuefi2020:

Peter obi laundering N250 million? Are you for real? Someone that that bought 1 million pounds property in 1996? Wetin him wan do with that chicken change?

And EFCC is yet to prosecute him


I think u are a problem to yourself.

What stops u from taking it to EFCC for prosecution. Stop the hearsy. U guys just come up to talk senselessly without any facts.

Obi is out of this world. A man who has the quality of serving the people.

If we add u and ur entire family,I doubt if we can find anyone who is as honest as Obi because where there is no integrity,dishonesty becomes the order of the day.

Learn not to see people like u.

Soon the Southeast will be struggling to catchup with the North. If time is not taken.