World Bank Sounds Alarm: 129 Million Nigerians Living in Poverty Amid Economic Challenges
The World Bank has just released a shocking report revealing that over 129 million Nigerians are currently living in poverty, representing a staggering 56% of the population. This is a significant increase from 40.1% in 2018 . The report attributes this surge to inflation, poor economic management, and external shocks such as the COVID-19 pandemic, natural disasters, and growing insecurity.
The World Bank warns that reversing the government's reforms would be disastrous and urges the Federal Government to sustain its efforts. The bank is willing to offer more loans and technical assistance to support ongoing reforms .
It's worth noting that being employed is no guarantee of escaping poverty, as many jobs are not productive or remunerative enough to afford a life beyond poverty. The World Bank emphasizes that jobs hold the key to sharing the proceeds of growth, and Nigeria needs to harness its demographic dividend by creating productive jobs for its young and growing population.
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