Nigeria’s economic recession may last till 2023, says World Bank
- There are serious fears that the level of poverty in Nigeria may rise even higher
- The World Bank has projected that this situation can even last till around the next presidential election in the country
- The institution also predicted that if nothing decisive is done by the federal government, the number of poor persons may become 20 million by 2022
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According to the Nigeria Development Update (NDU) of the World Bank, the country's economic recession has been predicted to last for the next three years, that is till 2023.
The global financial body has projected that within this period, almost all Nigerian citizens will witness a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s, Daily Trust reports.
Apart from warning that the absence of measures to mitigate the impact of the crisis can push the number of poor persons by about 15 to 20 million by 2022, the international institution made it known that "food insecurity has increased substantially and economic precarity is on the rise because unemployed workers have migrated to the low-productivity agricultural sector."
In his recent submission, Shubham Chaudhuri, the bank's country head for Nigeria, said that the nation is at a very crucial point, but that this situation can be averted if the federal government sustains its current economic reforms and implement the right policies.
Source: Twitter
As a way forward, Chaudhuri noted that Nigeria can drop business as usual and put to use its human, capital, and mineral resources.
On his part, Marco Hernandez, a co-author of the report, stated that Nigeria can maintain the pace of its reforms to halt the spread of coronavirus, stimulate the economy, and help the private sector to engineer economic growth through job creation.
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Hernandez added:
“It can also redirect public spending from subsidies that benefit the rich towards investments in Nigeria’s people and youth in particular, and lay foundations for a strong recovery to help make progress towards lifting 100 million people out of poverty."
Meanwhile, President Muhammadu Buhari approved the increase of N-Power beneficiaries by one million.
Legit.ng reported that the president also approved the expansion of the Government Enterprise and Empowerment Program (GEEP).
This was disclosed on Thursday, December 10, via his verified Twitter handle @MBuhari, adding that the move was aimed at fulfilling his promise of lifting 100 million Nigerians out of poverty.
N-Power Project: I Graduated in 2005 and Have Been Unemployed Before N-Power Fixed Me Up - on Legit TV
Source: Legit.ng
