Poverty Level Increases in Nigeria Despite High GDP Rate- Experts

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The rise in the price of goods and commodities in Nigeria, despite the Gross Domestic Product (GDP) rising above 3 percent in the fourth quarter of 2023, is exacerbating poverty levels in the country.

According to data from the National Bureau of Statistics (NBS), the growth in GDP was primarily driven by the services sector, which contributed significantly to the aggregate GDP, followed by growth in the agriculture sector.

However, financial expert Paul Alaje, a senior partner at SPM Professionals, emphasized that despite the reported GDP growth, the Nigerian economy has deteriorated compared to previous years. He highlighted concerns about the country’s economic status, suggesting that Nigeria may no longer be classified as a middle-income country due to significant economic challenges, including devaluation policies.

Alaje’s analysis indicates a stark decline in Nigeria’s economic performance, with the GDP shrinking considerably when factoring in currency devaluation.

Source: Daily Trust

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