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.
These economists said this in a post published on the bank’s blog on Tuesday. “Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.
In June last year, the President, Major General Muhammadu Buhari (retd.), inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.
This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years. With a well-researched framework for implementation and funding.
The World Bank’s Lead Economist for the Poverty Reduction and Economic Management Group’s Middle East and North Africa region. Tara Vishwanath called the Nigerian president’s ambitious goal to lift 100 million Nigerians out of poverty in ten years.
In its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report. The World Bank said that poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
Since Buhari was elect president of Nigeria in 2015, there has been no improvement in the poverty crisis. 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.
