The World Bank has said the number of Nigerians living in extreme poverty may increase by more than 30 million by 2030 and the country will be home to 25 per cent of the world ’ s destitute people if the government fails to revive economic growth and create jobs.
It warned that the country could slide back into recession if crude prices fell by 25 per cent to $50 a barrel .
The international oil benchmark, Brent crude , traded around $ 61 per barrel on Monday .
The bank gave the warning in its 2019 Nigeria Economic Update Report , which was released on Monday.
It said , “ Economic and demographic projections highlight the urgent need for reform .
“ With population growth (estimated at 2. 6 per cent) outpacing economic growth in a context of weak job creation , per capita income is falling . Today , an estimated 100 million Nigerians live on less than $1. 90 per day.
“ Close to 80 per cent of poor households are in northern Nigeria, while employment creation and income gains have been concentrated on central and southern Nigeria. ”
According to the report, Nigeria’s economy is expected to grow by 2. 1 per cent in 2020 and 2021, compared to an annual population growth rate of 2. 6 per cent .
It noted that Nigeria’ s economy was recovering gradually from the 2016 recession, with growth projected to pick up from 1. 9 per cent in 2018 to two per cent in 2019 .
The World Bank , however, warned that the projected growth outlook “ is vulnerable to external and domestic risks , including geopolitical and trade tensions that may affect inflows of private investment .”
“ Nigeria has the opportunity to advance reforms to mitigate these risks amid growing public demand for greater economic opportunities, ” it said .
The World Bank urged President Muhammadu Buhari to increase domestic revenue , remove trade restrictions and improve the predictability of economic policy .
It also advised the Nigerian government to remove expensive fuel subsidies and reduce lending to targeted sectors “ that crowd out banks .”
Failure to take actions would see more Nigerians falling into extreme poverty , the bank warned.
“ The cost of inaction is significant. Under a business -as- usual scenario, where Nigeria maintains the current pace of growth and employment levels , by 2030, the number of Nigerians living in extreme poverty could increase by more than 30 million , ” the bank said .
About 50 per cent of Nigeria’ s almost 200 million people live in poverty , according to the World Bank .
Last year , Nigeria overtook India as the country with the highest number of people in extreme poverty .

A report by the Brookings Institution said data from the World Poverty Clock showed that Nigeria had over 87 million people living in poverty.
The World Bank report, titled ‘ Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’ s People and Resource Endowments ’, showed that Nigeria created about 450, 000 new ( net) jobs in 2018 , partially offsetting the loss of 700 ,000 jobs in the previous year.
“ Nigeria’ s labour force is growing rapidly , and in 2018 , over five million Nigerians entered the labour market , resulting in 4. 9 million more unemployed people in the last year, ” it said .
The report stated that “ positive news are emerging from some states that are creating enough jobs to keep up with the growth of their labour forces . ”

Source: https://punchng.com/world-bank-to-fg-reform-now-to-stop-further-slide-into-extreme-poverty/

Follow world bank and imf advice at your own peril
For those quoting me i give a f*** not
First FTC

We have mentally lazy leaders who only grab power to play politics and oppress opposition.

For the past 5 years of APC leadership, there has been less than 1million real jobs created.

Tell them.

World bank and IMF should keep off from Nigeria.

The World Bank is suggesting something against the increasing hardship in this country but already two people up there are saying Nigeria should do away with it. As if they have a better plan in the offing.

Zombies will be the death of Nigeria not IPOB or revolution now.

The effect of voting a dullard because of common 1500 naira.. You see we nigerian, we r doomed..

Funny enough, the people who are most affected in this poverty thing, are still the ones that keeps winning elections, also are the ones that give most votes. Buh how’s it my business?

World Bank and IMF are actually over-rating PMB's intelligence. Does he understand a word in the report?

President of the North.

Reform gini? You are talking to backward people still searching for oil in this day and age.

The economic storm coming for this nation soon will enter global history books.

Rapid population growth with dwindling oil revenue and a 1% GDP growth from a developing economy.

This is beyond abomination.

Chai lobatan.

Sincerely, our politicians aren't doing well.

But truth be told, all these world organizations don't have the goodwill of any African country at heart. The earlier you acknowledge this the sooner you start working towards your freedom.

Lel

Dollarheist:
Follow world bank and imf advice at your own peril

And a supposedly intelligent man said this.

Capitalism in a "sane" and "lawful" environment is a threat to the welfare of the ordinary man, in a country like Nigeria where we operate 'Political capitalism" the ordinary man is in serious trouble. Make no mistake "lack" isn't Nigerias problem, our problem is "GREED" and "Wastage'. IMF, Worldbank and the rest of them are scared of Nigeria, if the naira was the same value with the dollar, Nigerians will have caused major economic problems for the whole world......

na dia business??

Nigeria is already home to extreme poverty.

We need to start coming up with new and better economic policies.


Meanwhile, Still selling Hot Hot

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Dollarheist:
Follow world bank and imf advice at your own peril

yet the almajiri system uv been following has led u to paradise abi?..

APC government has already put hundreds of Keke and Uber drivers in Abuja out of Jobs already. The suffering in FCT no be here

Dollarheist:
Follow world bank and imf advice at your own peril

I agree with you, Buhari and his crew know more than them

They are more interested in hate speech bill nd social media bill than improving the economic welbeing of Nigerians. Werey govt

Only some dysfunctional set of people will think buhari is working! Buhari is a fraud! A monumental waste of time and space! Taking Nigeria back to the days of slavery..

God help us

johnmartus:
World bank and IMF should keep off from Nigeria.

How are they affecting your economy? Are they the one making and implementing your policies? You will still run to them tomorrow to borrow

You cannot give what you don't have, we don't have capable hands managing the economy, even if it will save their life they can't because they don't know how to.to build and reform is brain work, to squander is easy.

The mumu obstinate government/cabal and its allies zombies will still think otherwise.

If only they will listen to WorldBank because Our Leaders here don't believe or aware of all these economy and Demographic Projections.. they don't care whether we are Poor living in Poverty and Hopelessness since none of these calamity is affecting them.

Dear World Bank, past Nigeria's Presidents including IBB, Obasanjo, Goatluck who followed your evil directives to the letter, what was the outcome? Was it not tears, sorrows and suffering? Your polices are strategically planned to put Africa in perpetual slavery.

It seems that you people in World Bank are even suffering from amnesia, if not, you will remember that Buhari did not listen to your evil advice when he was Head of State in 1984, that was why you Europe and US instigated his overthrow. Buhari does nor forget, he won't listen to your evil advice this time either.

The above is why Buhari has been doing all his government business transactions with China, India and Russia and not with you evil Europe and US. You EU and US give fake loans to Africa and also help evil Africa politicians to keep over 90% of these fake loans in your banks when the politicians steal the money. China does not give loans in cash, instead China will build the infrastructure with and for Africans. No single kobo or dollar will touch the hands of the politicians.

China's policy of not giving cash but building infrastructure. with Africa is why the Kaduna-Abuja Railway has been completed, the Ajaokuta-Itakpe-Warri Railway has be completed, the Lagos-Abeokuta-Ibadan Railway is almost completed, the Lagos-Ibadan Expressway is almost completed, the Oyo-Ogbomosi Expressway is almost completed. What did Africa and Nigeria do with all the loans and advice that World Bank has been giving since time immemorial? The money is in banks in EU and US stolen by Africa's politicians.

Therefore, World Bank, EU, US, please shut the fucvk up. Buhari no send una. He is doing business with China, India and Russia.

This speech should be directed at Buhari alone. Remove him today and replace him with Osibanjo and things will improve economically.

Buhari lacks the intellectual capacity. His limited education is decimating the economy