Nigerian Might Fall Into Economic Recession And Extreme Poverty - World Bank Warns Buhari - SephoraNews- Nigeria Entertainment Blog SephoraNews- Nigeria Entertainment Blog: Nigerian Might Fall Into Economic Recession And Extreme Poverty - World Bank Warns Buhari


Tuesday, 3 December 2019

Nigerian Might Fall Into Economic Recession And Extreme Poverty - World Bank Warns Buhari

The World Bank has released a 2019 Nigeria Economic Update Report on Monday, December 2nd and has warned that Nigeria might become the home of 25% of the world's poverty-stricken people if the government doesn't take actions to strengthen the economy and create more jobs.

Extreme poverty may hit Nigerians soon ? World Bank warns

World Bank urged President Buhari-led government to increase the domestic revenue, remove restrictions placed on trades and improve the predictability of economic policy because it is estimated that by 2030 over 30 million Nigerians would be living in extreme poverty.

The World Bank also declared that Nigeria's economic growth which is predicted to improve from 1.8% in 2018 to 2% in 2019 is open to domestic and foreign risks such as trade and geopolitical tension that would have a negative impact on private investment. The country could also fall back into economic recession if the price of crude falls by 25% to 50$ per barrel.

The full statement 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,”


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