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14m Nigerians Are In Poverty -World Bank

Published

Saturday, November 2, 2024 at 06:11 PM

Written by Franca Ozini Abaianyanri

14m Nigerians Are In Poverty -World Bank

Report shows that due to increase in inflation, low labour income has driven an estimated total of 14 million Nigerians into poverty in the last quarter of 2024.

This is coming from the World Bank’s latest report on Macro Poverty Outlook titled: "Country-by-Country Analysis and Projections for the Developing World".

According to the reports, close to 47 per cent of the Nigerian population now lives below the international poverty line of $2.15 per day as stipulated by world bank, as inflation increases with a struggling economic structure in the country failing to cater for the needs and demands of the rapid population growth.

The report partly reads thus : “Labour incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47 per cent of Nigerians now live in poverty (or below the international poverty line of $2.15.”

The report mentioned that the Nigerian government has unveiled and launched temporary cash assistance initiatives and projects targeting 15 million households.

It stated that, each household will receive N75,000, distributed in three instalments, benefitting an estimated 67 million people in total across the nation.

The report further stated that : “Poverty is estimated at 52 per cent in 2026. Reforms to protect the poorest against inflation and boost livelihoods through more productive work are key for Nigerians to escape poverty. A tight monetary stance while avoiding reliance on ways and means remains crucial for moderating inflation.”

In other to curb inflationary pressures, the Central Bank of Nigeria raised the monetary policy rate by 850 basis points from February to September 2024, including an increase in the cash reserve ratio, but inflation continues to mare on households in purchasing power, thereby compounding the hardship for millions.

The World Bank also pointed out the need for continued reforms, noting that “While macro stabilization is essential and currently underway, by itself it is insufficient to enable Nigeria to reach its growth potential. Sustained efforts and the establishment of a credible track record are necessary to achieve sustained progress.

“Economic growth has struggled to keep pace with population growth, contributing to poverty exacerbated by double-digit inflation.” the report stated.

Edited By: Chinedu Eze

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14m Nigerians Are In Poverty -World Bank

Report shows that due to increase in inflation, low labour income has driven an estimated total of 14 million Nigerians into poverty in the last quarter of 2024.

This is coming from the World Bank’s latest report on Macro Poverty Outlook titled: "Country-by-Country Analysis and Projections for the Developing World".

The report partly reads thus : “Labour incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47 per cent of Nigerians now live in poverty (or below the international poverty line of $2.15.”

The report mentioned that the Nigerian government has unveiled and launched temporary cash assistance initiatives and projects targeting 15 million households.

It stated that, each household will receive N75,000, distributed in three instalments, benefitting an estimated 67 million people in total across the nation.

“Economic growth has struggled to keep pace with population growth, contributing to poverty exacerbated by double-digit inflation.” the report stated.

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