author Paul Ogbuokiri


The World Bank said though Nigeria’s oil industry has been recording rapid production increase in the first three months of 2023, the country’s oil driven economic growth would still not be sufficient to reduce the number of people living in extreme poverty in the country this year. The World Bank made its prediction known in its latest Global Economic Prospects report released this week, titled: “Leveraging Resource Wealth During The Low Carbon Transition.” The report reads in part: “In Nigeria, growth is projected to strengthen somewhat to 2.8 per cent in 2023.”

About 88.4 million Nigerians live in extreme poverty while 133 million Nigerians are multi-dimensionally poor, according to recent data from the National Bureau of Statistics (NBS). While projecting that Nigeria’s economic growth will fall to 2.8 per cent in 2023 from 3.3 per cent in 2022, the World Bank also said that the incoming administration faces many policy challenges including subdued crude oil production, high inflation among others. The Bank stressed the need to complement anti-inflation policies with income support measures, including cash or food transfers, to protect the most vulnerable from stubbornly high inflation—particularly food inflation. Similarly, KPMG predicted that Nigeria’s economy will likely experience a slow growth rate in 2023.

A report issued by the financial institution cited various reasons, including inflation, debt. It also predicted that sluggish growth will be experienced across sub-Saharan Africa because of uncertainty in the global economy. It further stressed that Nigeria’s economy would underperform due to a weaker local currency, foreign exchange scarcity, and rising inflation. KPMG also mentioned the challenges in the foreign exchange market, Naira redesign policy, inadequate government revenue, high debt, global economic slowdown, and contraction in the oil sector. KPMG also expects inflation to remain above 20 per cent in 2023 and predicts that the unemployment rate will rise further to 40.6 per cent in 2023.

https://www.newtelegraphng.com/2023-why-nigeriall-remain-world-poverty-capital-by-world-bank-kpmg/

Nlfpmod

Will they ever learn and vote for people who can save them from poverty?

Nigeria itself is a real life definition of poverty. People are suffering but when time come to choose who will save them, they will go ahead to choose who will poison them.

Nigerians are the problem themselves, not just the politicians.

successmatters:
Will they ever learn and vote for people who can save them from poverty?

That is what we just did. We voted for Tinubu because he has the capacity to change Nigeria's story for the better.

Sangoamadioha1:



That is what we just did. We voted for Tinubu because he has the capacity to change Nigeria's story for the better.

Hahahahahahah
Hohohohohohohoho

Tinubu that cannot even change his diapers by himself?

Honestly the country is being run by incompetent people, things were relatively better when Ngozi was the finance minister and Obasanjo the President. Are we not suppose to be miles ahead by now but no, things have tremendously deteriorated under the APC government and this is without sentiment. Life was easier not perfect before 2015 but now i can't really say what life has become for the average Nigerian. People are really suffering, go out and you will see them in their million.

successmatters:


Hahahahahahah
Hohohohohohohoho

Tinubu that cannot even change his diapers by himself?

Lol. Ok nah, we go see from 29th May whether he fit change him diapers. Stay tuned.

South East will continue to be ahead no matter who becomes president

Localemperor:
Honestly the country is being run by incompetent people, things were relatively better when Ngozi was the finance minister and Obasanjo the President. Are we not suppose to be miles ahead by now but no, things have tremendously deteriorated under the APC government and this is without sentiment. Life was easier not perfect before 2015 but now i can't really say what life has become for the average Nigerian. People are really suffering, go out and you will see them in their million.

They said they know how to play politics. To them, politics is about winning election at all cost. They don't know that politics is more of how you can change things for the better

XerXers:

They said they know how to play politics. To them, politics is about winning election at all cost. They don't know that politics is more of how you can change things for the better

The situation is really worrisome, people are really struggling, some see politics as a conquest game and does not examine the competence of the person they vote for as long as its spite the next person. The country is hard.

It's regrettable been a Nigerian. It's very hard. If u are born with a silver spoon, u wouldn't understand

APC's legacy of disaster