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
I was saying it yesterday. Poverty rate is on the increase. Govt has stopped N power. Treasury bill. They stopped all the benefits dat any citizen can get. Failed leaders is all we have.too sad.
ReplyDeleteWhen men say there's a casting down, for me and my entire household, we shall say there's a lifting up. News like this don't bother me because am a daughter of the most high God, who owns the entire universe, I shall not lack.. My confidence is in God.
DeleteJesus is Lord.
DeleteI registered for an online course and reading through I just realized the gap Nigeria needs to fill before we start talking about development.
Help us Lord.
Has treasury bill been stopped ?
DeleteThe interest is as good as rubbish @16;40
DeleteFunny how majority of Nigerian rulers and elites have come out from the North, Northerners make up majority of Federal civil servants yet 80% of poor Nigerians are from the North.
ReplyDeleteThis is no news and the politicians don't care.
ReplyDeleteAs long as their jumbo pay is unaffected and the oil from Niger delta continues to sell
The rest of Nigeria can be poorer than
poverty.
😕😕😕😕
Oh dear me!!! Nigeria has becoming a case study for everything negative and it's worrisome. Is there still hope? I need this visa to leave in good time. My kids won't be birthed in this country.
ReplyDeleteGovernment does not create jobs, businesses do.
ReplyDeleteBut the Government has to take actions that will favour both small and largr scale businesses in order to create jobs.
DeleteSo you see?,everything still falls under the government.
Businesses/Industries need a conducive and sustainable environment to thrive.
DeleteLet them keep praising Buhari, while we are dying
ReplyDeleteYou ruled, the people suffered. And you vowed to rule again. The heart of man is truly wicked!
ReplyDeleteExtreme poverty will hit or Nigerians are already living in extreme poverty already. You can't seep with both eyes closed anymore. Kidnapping, arm robbery, yahoo+, ritualists, and all manners of evil is now the order of the day in our dear country. There's no hope for the poor man anymore. The rich keep getting richer while the poor keep languishing in a state of abject penury. Which way Naija? And the painful thing is the 80% of extremely poverty stricken people from northern Nigeria voted for this incompetent president and they've started agitating for another northern person to take over from buhari come next election. As if Nigeria belongs to only them. Provided their person is their, the country can burn down. If things continue this way, I fear for the unity of this country. I pray the northern greediness will not lead to the disintegration of this great country
ReplyDeleteYour prayers comes too late, for Nigeria will inevitably disintegrate in few years to come. Save this comment. The northern caliphate are pushing their last card having seen the situations of things ongoing... The name 'Nigeria' is beginning to lost its value at the international communities.
DeleteLord have mercy!
ReplyDeleteOh interesting very good.This government is working.Buharia give a handshake to your bl***ks....
ReplyDeleteGod please deliver Nigeria from selfish leaders.
ReplyDeleteMay?
ReplyDeletenot surprised
ReplyDeleteSai baba nigeria
ReplyDeleteGod pls help me and my loved ones naa. We need to live this country for good. Oluwa abeg pick my calls
ReplyDeleteWait oooh, this is not extreme poverty??? Wow!!!
ReplyDeleteIt just keeps getting bad by the day. Some businesses are either short paying their staff, not paying at all or completely shut down. Heard of one from someone very close to me yesterday I it was so sad. 🚶 🚶
ReplyDeleteI can hear Lai trying to debunk this. Once the report doesn't favor them Keyamo would come out and tell you that the body is not recognized. Even if they escape the situation they are building, their children will inherit it. I laugh when I see them training their kids abroad. The agberoes left behind in Nigeria will not even allow them to live here in the future. See how the revolution has silently started. The poor are beginning to kill the rich. Read recent murders of 'well to do' people living alone. It's not by arresting Sowore. The revolution has started and sadly no-one is safe. Let them keep playing politics with everything. I will now where they will spend the loot they are amassing -in exile most probably.
ReplyDeleteall i see is the picture of the woman crying up there. Does it show how Nigerians will eventually weep when extreme poverty hit us? God forbid
ReplyDeleteAdd the crime rate that's at an all time high and the future looks quite bleak for the average Nigerian.
ReplyDeleteThank God our hope is built on something more and our source is not man.
This government is hell bent in impoverishing Nigerians. When we were buying foreign rice, the price was fair. Now the boarder is closed,lots of livelihood are being destroyed by this border closure. The price of local rice has skyrocket by 125%. It's only a callous,clueless, evil government cannot see or feel the damage, suffering it's silly policies is badly affecting it's citizens.
ReplyDeleteHaa thank God o, so there is still hope then. I would have sworn we were already in extreme poverty. So what exactly is extreme poverty 🤷🏽♀️ When even the minority rich become poor too?
ReplyDeleteHaa thank God o, so there is still hope then. I would have sworn we were already in extreme poverty. So what exactly is extreme poverty 🤷🏽♀️ When even the minority rich become poor too?
ReplyDeleteDon and Easah come and defend your clueless leader.
ReplyDeleteWere already in extreme poverty.
ReplyDeleteNot a forecast, we are suffering from poverty. The rate of inflation is on the high..
ReplyDeleteI won't experience poverty by God grace.
I have unlimited wealth because I play by a different set of rules.
ReplyDeletePoverty is far from.me.and my household. Amen🙏
Exactly my point, that is why this govt. wants to borrow more money, to as to defer the looming and glaring disaster.
ReplyDeleteHow long will Nigeria's visionless leaders keep going around this mountain while children/families are beset by hunger and hopelessness? How long must this madness continue while the few rich train their kids/wards in United Kingdom schools while abandoning Nigerian universities? Why must the public purse thieves have access to quality healthcare in Europe for even an ear ache while paying no mind for home grown health expertise for millions of citizens? Mehn, whoever/whatever bewitched Nigerians?
ReplyDelete