World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.
Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people. In 2021, National Steering Committee of the National Poverty Reduction with Growth Strategy inaugurated by vice president.
“If India can lift 271 million people out of poverty between 2006 and 2016. Nigeria can surely lift 100 million out of poverty in 10 years- President. Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting and absence of adequate resources.”
The World Bank said that poverty reduction stagnated since 2015. With more Nigerians falling below the poverty line over the years.
This means that there has been no improvement in the poverty crisis in the country since Buharis regime in 2015.
The Washington-based bank added that the number of poor Nigerians is projected to hit 95.1 million in 2022. The World Bank also warned that many non-poor Nigerians are only one small shock away from falling into poverty.
-Punch.
