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Business News of Sunday, 8 January 2023


'4 in 10 Nigerians are poor' - World Bank lists economic reforms for Buhari

World Bank Group seeks reforms World Bank Group seeks reforms

World Bank has declared that four out of every 10 Nigerians are poor and there is a need for long-term reforms to foster and sustain pro-poor growth and raise citizens out of poverty.

The Bank stated this in its latest report titled, ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’.

The report highlighted the need for the Nigerian government to engage in macroeconomic and fiscal reforms.

Other reforms included trade, and exchange rate policies; policies to boost the productivity of farm and non-farm household enterprises among others.

The Impact

According to the Washington-based bank, if those in power can do all that is highlighted the reforms, together could help diversify the economy, invigorate structural transformation, create good, productive jobs, and support social protection programs as well as other redistributive government policies.

The report emphasizes that these reforms are urgent as Nigeria’s population continues to grow.

Part of the report reads: “Now is the time to ensure that the country seizes the promise of its young people for economic prosperity.

“Many Nigerians, especially in the country’s north lack education and access to basic infrastructure, such as electricity, safe drinking water, and improved sanitation. As many as 4 in 10 Nigerians live below the national poverty line."

The report also added that shaping the specifics of Nigeria’s poverty-reducing policies will depend strongly on redoubling efforts to gather and analyse data regularly.