{"id":36723,"date":"2019-12-03T12:59:50","date_gmt":"2019-12-03T11:59:50","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=36723"},"modified":"2019-12-03T12:59:50","modified_gmt":"2019-12-03T11:59:50","slug":"extreme-poverty-may-hit-nigerians-soon-world-bank-warns","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/extreme-poverty-may-hit-nigerians-soon-world-bank-warns\/","title":{"rendered":"Extreme Poverty May Hit Nigerians Soon \u2013 World Bank Warns"},"content":{"rendered":"

The World Bank in\u00a0its 2019 Nigeria Economic Update Report which was released on Monday Decemeber 2, warned that Nigeria might be home to 25 per cent of the world\u2019s destitute people if the government fails to revive economic growth and create jobs.<\/p>\n

The international finance institution urged the Buhari-led administration to increase domestic revenue, remove trade restrictions and improve the predictability of economic policy following a projection of the number of\u00a0Nigerians living in extreme poverty increasing\u00a0by more than 30 million by 2030.<\/p>\n

The World Bank also stated that the Nigeria’s economic growth projected to pick up from 1. 9 per cent in 2018 to two per cent in 2019,\u00a0is vulnerable to external and domestic risks\u00a0including geopolitical and trade tensions that may affect inflows of private investment. It also warned that the country might\u00a0slide back into recession if crude prices falls by 25 per cent to $50 a barrel.<\/p>\n

The report read: \u201cEconomic and demographic projections highlight the urgent need for reform<\/p>\n

\u201cWith population growth (estimated at 2. 6 per cent) outpacing economic growth in a context of weak job creation , per capital income is falling . Today , an estimated 100 million Nigerians live on less than $1. 90 per day.<\/p>\n

\u201cClose 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.<\/p>\n

\u201cNigeria\u2019s 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.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cNigeria\u2019 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<\/p>\n

\u201cBut the projected growth outlook is vulnerable to external and domestic risks , including geopolitical and trade tensions that may affect inflows of private investment.<\/p>\n

\u201cNigeria has the opportunity to advance reforms to mitigate these risks amid growing public demand for greater economic opportunities.<\/p>\n

\u201cPresident Muhammadu Buhari should increase domestic revenue , remove trade restrictions and improve the predictability of economic policy.<\/p>\n

\u201cNigerian 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.<\/p>\n

\u201cThe 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,\u201d the Bank warned.<\/p><\/blockquote>\n<\/p>","protected":false},"excerpt":{"rendered":"

The World Bank in\u00a0its 2019 Nigeria Economic Update Report which was released on Monday Decemeber 2, warned that Nigeria might be home to 25 per cent of the world\u2019s destitute people if the government fails to revive economic growth and create jobs.<\/p>\n","protected":false},"author":6,"featured_media":36724,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[624],"tags":[6514,486],"coauthors":[2391],"class_list":["post-36723","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-politics","tag-extreme-poverty","tag-world-bank"],"yoast_head":"\nExtreme Poverty May Hit Nigerians Soon \u2013 World Bank Warns - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/extreme-poverty-may-hit-nigerians-soon-world-bank-warns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Extreme Poverty May Hit Nigerians Soon \u2013 World Bank Warns - 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