The World Bank in its 2019 Nigeria Economic Update Report which was released on Monday, December 2, stated that the country might soon plunge into poverty if the federal government fails to revive economic growth and create jobs.

News Agency of Nigeria (NAN) reports that the economic update is prepared twice a year (Spring and Fall) to appraise stakeholders interested in economic and social developments, prospects and policies.

Marco Hernendez, Lead Economist of the bank, expressed worry that 100 million Nigerians live on less than 1.90 dollars per day.

READ ALSO: Kwara APC Lauds EFCC On Saraki's House Forfeiture

According to Hernendez, with population growth estimated at 2.6 per cent, out spacing economic growth in the context of weak job creation, per capital incomes are falling.

He said: "Under a business-as-usual scenario where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of people living in abject poverty can increase by 30 million."

Hernendez emphasized the need to build reforms to mitigate risks and promote inclusiveness while presenting policy options for increasing economic efficiency to promote growth and job creation in Nigeria.

He further said that robust growth and job creation would require strengthening micro economic management while increasing fiscal revenues to attenuate the impact of oil sector fluctuations.

The lead economist who also called for investments in human capital and infrastructure commended the government for improved regulation to make it easier for entrepreneurs to start and operate businesses.

He, however, commended the federal government for ratifying the social protection policy and establishing a state and national social registry of poor and vulnerable households to enhance social protection.

According to him, "Under a business-as-usual scenario where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of people living in abject poverty can increase by 30 million."

Meanwhile, The Herald reported that Maryam Uwais, special adviser to President Muhammadu Buhari on social investments disclosed that about 620,947 poor and vulnerable Nigerians benefited from the recovered looted funds by the late former head of state, General Sani Abacha.

Uwais who made this known on Monday, October 21, at a public function in Port Harcourt, Rivers, said between August/September 2018 and September/October payment 2019, the total cumulative amount disbursed from the Abacha loot is $76,538,530 and $27,099,028 from the International Development Association (IDA) credit.

Continue Reading

on The Herald Nigeria

Featured