The poverty rate in Nigeria could become worse, with up to 30 million more people falling into the extreme poverty trap in the next 10 years, unless Federal Government policy reforms bring about robust productivity and inclusive growth.
The World Bank disclosed this in its latest Nigeria Economic Update, obtained from its website.
“Nigeria’s population is expected to grow by as much as 35 million in the next decade and unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide.
“Creating new opportunities for this rapidly increasing labour force will require a new economic model based on productivity growth,” warned Marco Hernandez, World Bank Lead Economist for Nigeria, and co-author of the latest Nigeria Economic Update.
“Without robust productivity growth, the report warns that living standards will continue to deteriorate, and the number of people living in poverty will continue to rise, increasing by more than 30 million by 2030,” the report said. It said Nigeria could enable millions of citizens escape poverty over the next decade through enacting bold reforms designed to boost economic productivity, according to the latest economic analysis.
Our analyst dissects this statement and suggest what can be done to avert the ugly trend.
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