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Tougher times as debt, inflation, unemployment weigh on economy


• More Nigerians give up, withdraw from labour market
• Food inflation hits hard as insecurity triggers rural-urban migration
• Unemployment rate: PDP decries FG’s alleged deceit
Four weeks after the economy exited recession and Nigerians looked forward to a rebound going into the second quarter of the year, it was an anti-climax yesterday, with latest economic indices, which showed citizens will face tougher times as the fast-rising debt, inflation and employment figures galloped, raising fears of a more challenging future.
At a glance, Nigeria’s economic outlook looks red: Inflation gallops to 17.33 per cent, highest level since March 2017; foreign trade deficit sunk to N7.37 trillion, lowest since 2016; unemployment rose to 33.3 per cent, third highest in the world; and external reserves falling to its lowest in 10 months at $34.74 billion with a decline of $632.9 million. ....

Sheriffdeen Tella , Simon Irtwange , Technical Committee On Nigerian Yam , National Bureau Of Statistics , Olabisi Onabanjo University , World Bank , Economic Community Of West African States , More Nigerians , National Bureau , Ken Ife , Economic Community , West African States , Technical Committee , Nigerian Yam Export , Chartered Economics , Chuwuike Uba , Boko Haram , தொழில்நுட்ப குழு ஆன் நைஜீரியன் யாம் , தேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள் , உலகம் வங்கி , மேலும் நைஜீரியர்கள் , தேசிய பணியகம் , பொருளாதார சமூக , தொழில்நுட்ப குழு , நைஜீரியன் யாம் ஏற்றுமதி , பட்டய பொருளாதாரம் ,

INCREASING POPULATION OF POOR NIGERIANS


More Nigerians will be trapped in poverty because of increasing population
Nigeria’s uncontrolled population is becoming worrying as the prospects of poverty reduction in the near future is increasingly becoming a mirage. This was underscored last week at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group (NESG). The World Bank said at the forum that about 15 million to 20 million more Nigerians would be tipped into poverty by 2022. At present, about 100 million people, half the population of Africa’s biggest economy, are already living below the poverty line.
World Bank Senior Economist, Gloria Joseph-Raji, said that the impact of the COVID-19 pandemic on Nigerian economy was hard. Indeed, the country experienced its second and deepest recession in five years since the 1980s in 2020, evidently a fallout of the catastrophic drop in the prices of oil, the country’s main foreign exchange earner. “We consider Nigeria right now t ....

Gloria Joseph Raji , World Bank Senior Economist , National Bureau Of Statistics , World Bank , Presidential Economic Advisory Council , More Nigerians , Nigerian Economic Summit Group , Bank Senior Economist , National Bureau , Poverty Clock Report , Doyin Salami , குளோரியா ஜோசப் ராஜி , உலகம் வங்கி மூத்தவர் பொருளாதார நிபுணர் , தேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள் , உலகம் வங்கி , மேலும் நைஜீரியர்கள் , நைஜீரியன் பொருளாதார உச்சிமாநாடு குழு , வங்கி மூத்தவர் பொருளாதார நிபுணர் , தேசிய பணியகம் , பாவர்டீ கடிகாரம் அறிக்கை ,