World Bank has revealed through a report from an investigation that 40% of Nigerians are living below poverty line as the situation of the country becomes a matter arising.
The report released on Wednesday 23rd, 2022 by the World Bank discovered that 4 out of every 10 Nigerians, translating to a whopping 40%, are living below the National Poverty line.
This revelation which was contained in a press release with the title “A better future for all Nigerians: Nigeria Poverty Assessment 2022,” indicted the President Muhammadu Buhari-led administration of not doing much to lift a majority of the poor masses out of poverty.
The World Bank report cited “sluggish growth, low human capital, labor market weaknesses, and exposure to shocks” as key indicators holding Nigeria’s poverty reduction back.
According to the World Bank, the report represents the culmination of its engagement on poverty – and inequality- relevant data and analytics in Nigeria in the past two years.
“The survey draws primarily on the 2018/19 Nigerian Living Standards Survey (NLSS), which provided Nigeria’s first official poverty numbers in almost a decade, as well as the Nigeria COVID-19 National Longitudinal Phone Survey (NLPS).”
According to the report which brings together the latest evidence on the profile and drivers of poverty in Nigeria, “as many as 4 in 10 Nigerians live below the national poverty line.”
“Many Nigerians, especially in the country’s north, also lack education and access to basic infrastructure, such as electricity, safe drinking water, and improved sanitation,” the report also noted.
It went on to suggest “at least three types of deep, long-term reforms to foster and sustain pro-poor growth and raise Nigerians out of poverty.
“These include: (1) macroeconomic reforms (including fiscal, trade, and exchange rate policy); (2) policies to boost the productivity of farm and non-farm household enterprises; and (3) improving access to electricity, water, and sanitation while bolstering information and communication technologies.
“These 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,” it added.
