Dec 3, 2019
World Bank: Nigeria could become home to 25% of all destitute people
The World Bank says Nigeria is at risk of becoming home to 25% of the world's destitute people unless its lawmakers find a way to boost employment and recharge economic growth, Bloomberg reports.
Details: The Bank is encouraging Nigeria's President Muhammadu Buhari to remove trade restrictions, stabilize economic policies and increase domestic revenue. It's also urging Buhari to remove fuel subsidies and to reduce specific central bank lending.
By the numbers: Nigeria's economy is set to expand 2.1% in 2020 and 2021 — below the nation's 2.6% population growth rate.
- Around half of Nigeria's 200 million residents live in poverty, and the country has overtaken India in having the highest number of people in extreme poverty.
- The nation, which is Africa's top oil producer, is still on an economic comeback from a 2016 contraction that plummeted crude prices. A dip of 25% in crude prices now could send the country into a recession, the World Bank notes.