World Bank indicts Jonathan’s government, says massive poverty, unemployment killing Nigerians

The number of Nigerians living in poverty is increasing significantly, the World Bank says.

The number of Nigerians living in poverty is increasing significantly, revealing a perplexing contrast between the nation’s economic statistics on rapid economic growth and minimal welfare improvements for much of the population, the World Bank has said.

“Poverty rates remain high in Nigeria, particularly in rural areas. These rates declined between 2003-2004 and 2009- 2010, although not nearly as fast as would be expected from the pace of economic growth in the country,” the World Bank said in its ‘Nigeria Economic Report’ May, 2013.

“While the officially reported growth rates of GDP well exceed population growth in the country, the pace of poverty reduction does not, this implies that the number of poor Nigerians living below the poverty line has grown measurably,” the report stated.

The World Bank said the first Nigeria Economic Report is designed to give some attention to longer term trends in the country, including the puzzle of why a decade of rapid GDP growth by official statistics, concentrated in the pro-poor areas of agriculture and trade, did not bring stronger welfare and employment benefits to the population.

Aside from the increase in poverty, the organisation said progress towards a number of the other Millennium Development Goals in Nigeria has also been disappointing , stating that Nigeria was ranked 153 out of 186 countries in the 2013 United Nations Human Development Index, as unemployment rates have been steadily increasing and younger Nigerians are encountering increasing difficulty in finding gainful employment.

The organisation said available data on unemployment suggest a similar story.

“Job creation in Nigeria has been inadequate to keep pace with the expanding working age population. The official unemployment rate has steadily increased from 12% of the working age population in 2006 to 24% in 2011. Preliminary indications are that this upward trend continued in 2012.

Another issue the report highlighted was that the official definition of employment in Nigeria (less than 40 hours worked in the past week) is unusual, and is therefore not comparable to that in most other countries. The negative dynamic is very consistent, however, with perceptions of the population of increasing difficulties for finding gainful employment. Going by this, the problem in Nigeria might best be interpreted as underemployment in contrast to unemployment proper.

Variance in reported statistics and reality

Reports over the recent years have continued to highlight the concern that the Nigerian economic statistics reveals a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population.

Nigeria’s annual growth rates that average over 7 per cent in official data during the last decade place the nation among the fastest growing economies in the world. This growth has been concentrated particularly in trade and agriculture, which would suggest substantial welfare benefits for many Nigerians.

“Nevertheless, improvements in social welfare indicators have been much slower than would be expected in the context of this growth. Poverty reduction and job creation have not kept pace with population growth, implying social distress for an increasing number of Nigerians. Progress toward the fulfillment of many of the Millennium Development Goals has been slow, and the country ranked 153 out of 186 countries in the 2013 United Nations Human Development Index” the World Bank said.

The Organisation said further data collection and investigations will be necessary to clarify this picture of what factors are responsible or explain the disparities between economic growth and the welfare indicators of the nation.

“Given the seeming inconsistencies between the national accounts data summarized above and statistics based on other surveys, it is imperative to conduct further investigations and statistical tests to uncover the true growth and development story in Nigeria” the World Bank said.

World Bank indicts Jonathan’s government, says massive poverty, unemployment killing Nigerians

The number of Nigerians living in poverty is increasing significantly, the World Bank says.

The number of Nigerians living in poverty is increasing significantly, revealing a perplexing contrast between the nation’s economic statistics on rapid economic growth and minimal welfare improvements for much of the population, the World Bank has said.

“Poverty rates remain high in Nigeria, particularly in rural areas. These rates declined between 2003-2004 and 2009- 2010, although not nearly as fast as would be expected from the pace of economic growth in the country,” the World Bank said in its ‘Nigeria Economic Report’ May, 2013.

“While the officially reported growth rates of GDP well exceed population growth in the country, the pace of poverty reduction does not, this implies that the number of poor Nigerians living below the poverty line has grown measurably,” the report stated.

The World Bank said the first Nigeria Economic Report is designed to give some attention to longer term trends in the country, including the puzzle of why a decade of rapid GDP growth by official statistics, concentrated in the pro-poor areas of agriculture and trade, did not bring stronger welfare and employment benefits to the population.

Aside from the increase in poverty, the organisation said progress towards a number of the other Millennium Development Goals in Nigeria has also been disappointing , stating that Nigeria was ranked 153 out of 186 countries in the 2013 United Nations Human Development Index, as unemployment rates have been steadily increasing and younger Nigerians are encountering increasing difficulty in finding gainful employment.

The organisation said available data on unemployment suggest a similar story.

“Job creation in Nigeria has been inadequate to keep pace with the expanding working age population. The official unemployment rate has steadily increased from 12% of the working age population in 2006 to 24% in 2011. Preliminary indications are that this upward trend continued in 2012.

Another issue the report highlighted was that the official definition of employment in Nigeria (less than 40 hours worked in the past week) is unusual, and is therefore not comparable to that in most other countries. The negative dynamic is very consistent, however, with perceptions of the population of increasing difficulties for finding gainful employment. Going by this, the problem in Nigeria might best be interpreted as underemployment in contrast to unemployment proper.

Variance in reported statistics and reality

Reports over the recent years have continued to highlight the concern that the Nigerian economic statistics reveals a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population.

Nigeria’s annual growth rates that average over 7 per cent in official data during the last decade place the nation among the fastest growing economies in the world. This growth has been concentrated particularly in trade and agriculture, which would suggest substantial welfare benefits for many Nigerians.

“Nevertheless, improvements in social welfare indicators have been much slower than would be expected in the context of this growth. Poverty reduction and job creation have not kept pace with population growth, implying social distress for an increasing number of Nigerians. Progress toward the fulfillment of many of the Millennium Development Goals has been slow, and the country ranked 153 out of 186 countries in the 2013 United Nations Human Development Index” the World Bank said.

The Organisation said further data collection and investigations will be necessary to clarify this picture of what factors are responsible or explain the disparities between economic growth and the welfare indicators of the nation.

“Given the seeming inconsistencies between the national accounts data summarized above and statistics based on other surveys, it is imperative to conduct further investigations and statistical tests to uncover the true growth and development story in Nigeria” the World Bank said.

Pataki: How can the World Bank say this?!

Have they not seen that 1.2million jobs [/b]has been created by the mining sector?

Have they not seen that our legislators are the most paid in the world?

Which President can boast of a billion naira food budget?

Why must all these scamming agencies continue to pull down the hard-stealing efforts of Jonathan and his crooks? Why why why?!!!

Garri the 1st: GEJ has been marked and he has scored F9....

What a shame!!

duwdu: In a sense, reported improved economic growth figures have not translated into the development of the people. And that, instead, Nigerians are being further improvised...

It's high time the government of the day, sat up, really.

P34c3

The official unemployment rate
has steadily increased from 12% of the working
age population in 2006 to 24% in 2011.
Preliminary indications are that this upward trend
continued in 2012.

Gbawe:


It is official. Tinubu, Buhari, Ribadu, El Rufai, Wole Soyinka et al now work for the World bank. In fact, I work for the world bank also and you do too.

omonnakoda:
In a sense?? In another sense nko?
Improvise? YES YOU ARE REALLY IMPROVISING US

duwdu: Dear Nairalanders;

The following just got published by Premium Times...


World Bank indicts Jonathan’s government, says massive poverty, unemployment killing Nigerians


The number of Nigerians living in poverty is increasing significantly, the World Bank says.

The number of Nigerians living in poverty is increasing significantly, revealing a perplexing contrast between the nation’s economic statistics on rapid economic growth and minimal welfare improvements for much of the population, the World Bank has said.

“Poverty rates remain high in Nigeria, particularly in rural areas. These rates declined between 2003-2004 and 2009- 2010, although not nearly as fast as would be expected from the pace of economic growth in the country,” the World Bank said in its ‘Nigeria Economic Report’ May, 2013.

“While the officially reported growth rates of GDP well exceed population growth in the country, the pace of poverty reduction does not, this implies that the number of poor Nigerians living below the poverty line has grown measurably,” the report stated.

Read more at: http://premiumtimesng.com/business/138525-world-bank-indicts-jonathans-government-says-massive-poverty-unemployment-killing-nigerians.html

I don't like all these foreign banks...

So because Nigeria is a Black Country, they will now be insulting us..

Jonathan should go and remove all our money from that bank, close our account and open one with GTbank or Stanbic..

World bank does not even give ATM card sef..

Okija juju:


I don't like all these foreign banks...

So because Nigeria is a Black Country, they will now be insulting us..

Jonathan should go and remove all our money from that bank, close our account and open one with GTbank or Stanbic..

World bank does not even give ATM card sef..

gbanikiti: Thank God Madam Ngozi was not elected as World Bank president.

duwdu: In a sense, reported improved economic growth figures have not translated into the development of the people. And that, instead, Nigerians are being further improvised...

It's high time the government of the day, sat up, really.

P34c3

Pataki: How can the World Bank say this?!

Have they not seen that 1.2million jobs has been created by the mining sector?

Have they not seen that our legislators are the most paid in the world?

Which President can boast of a billion naira food budget?

Why must all these scamming agencies continue to pull down the hard-stealing efforts of Jonathan and his crooks? Why why why?!!!