The World Bank has released a shocking statistics revealing the financial state of several countries and it seems Nigerians have a big reason to worry about it.
According to Punchng.com,
“Global economic growth could rebound next year but the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic, the World Bank warned Tuesday.
The bank said three countries (India – 24%, Nigeria – 12%, DR Congo – 7%) with the highest shares of the world’s extremely poor are not projected to grow faster than their population, meaning that extreme poverty will remain at the elevated 2020 levels through 2021.”
The report is a comparison of population growth and an increase in income. And for Nigeria, the population seems to grow at a higher pace than income.
“The projection came after the Washington-based development lender said Monday the pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.
Before the pandemic, extreme poverty – defined as living on $1.90 per day – had been decreasing.
The bank expects growth to rebound by four percent in 2021.”
“Nigeria, India and the Democratic Republic of Congo — three countries which we project are home to more than a third of the world’s poor – are predicted to have per-capita growth rates in real GDP of –0.8 percent, 2.1 percent, and 0.3 percent, respectively.
“With population growth rates of 2.6 percent, 1.0 percent, and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount,” the World Bank said in a blog.
The bank warned “South Asia may see a larger increase in the number of poor as a result of COVID-19,” particularly in India.
Of the 176 million people expected to be pushed below the $3.20 per day poverty line, two-thirds are in South Asia.
But Nigeria is not above the storms yet as serious work has to be done to ensure quick economic recovery and proper growth.
The question is, ‘is the country ready to do this?’