Bola-Audu
Until deliberate policies and reforms are implemented, the plan by the Federal Government to take over 100 million Nigerians out of poverty by 2030 would be another mirage.
Analysts are of the view that without the political will and determination to change the status quo, policies and recommendations will only continue to gather dust in government offices with serious consequences for the nation.
This is just as the World Bank has projected that the number of poor people in Nigeria will increase by 20 million by 2022. World Bank Senior Economist, Gloria Joseph-Raji, who stated this at the launch of the 2021 macroeconomic outlook report by the Nigeria Economic Summit Group (NESG), said: “We consider Nigeria right now to be at a critical junction in the sense that the achievement of its development goal of lifting 100 million people out of poverty by 2030 was already challenging even before COVID-19 struck, and then COVID-19 has made this even more challenging a
Poor Nigerians Will Increase By 15 Million Soon, World Bank Says
Nigeria needs to push forward policies that improve the business environment and improve the welfare of the average Nigerian.
by Saharareporters, New York
Feb 03, 2021
Nigeria needs to implement key reforms to get the economy out of the current doldrums and achieve sustainable, inclusive growth, the World Bank and the Chairman of the Presidential Economic Advisory Council, Dr Doyin Salami, have said.
They said this on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group, a private sector-led think-tank.
At the forum, the World Bank said its estimates show that between 15 million and 20 million Nigerians would join the poverty rank by 2022, Punch reports.
World Bank Senior Economist, Gloria Joseph-Raji, has said Nigerian government’s inability to curb economic challenges will make 15 to 20 million Nigerians poorer by 2022.
Joseph-Raji listed factors that will push more Nigerians into poverty while speaking on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group (NESG).
The government had planned to lift 100 million Nigerians from poverty, but the country’s economic downturn has posed a challenge which President Muhammadu Buhari’s administration has found difficult to subdue.
Joseph-Raji stated that lack of jobs have prevented poor Nigerians from crossing the poverty line. She also cited low growth in the business environment as a factor driving poverty level high within the country.
Kenya Ranked Third Poorest Lower-Middle-Income Country Globally
Kenya is ranked the third poorest lower-middle-income country globally in a new study released by the World Bank.
The World Bank State of Economic Inclusion Report 2021 has shown that more than forty per cent of Kenyans currently live in extreme poverty.
The level of poverty is approximately 10 times higher than in Pakistan and Egypt which are also categorised as lower-middle income economies.
Zambia is the poorest with 61 per cent of its citizens living in poverty followed by Nigeria at 58 per cent while Côte d’Ivoire is fourth at 30 per cent.
Zimbabwe has a low poverty rate of 23 per cent but has a high poverty headcount at almost 80 per cent of it’s total population.