Poor Nigerians To Hit 95.1m in 2022, World Bank Reveals, Claims Poverty Reduction Stagnated Since 2015

• More Nigerians will soon be driven into poverty according to the World Bank in its recent report on poverty assessment in Nigeria
• According to the Washington-based bank, the number of poor Nigerians is projected to hit 95.1 million in 2022
• The reported also stated that poverty reduction stagnated since 2015 (which is the year a general election was held in Nigeria)

More Nigerians are being driven to poverty according to the World Bank. According to the back, poverty reduction in the country stagnated since 2015.

Specifically, the world bank in its report titled, ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ said the number of poor Nigerians is projected to hit 95.1 million in 2022.

The report read in part, “Poverty reduction had stagnated since 2015.”

“Poverty reduction in Nigeria appears to have stalled in the last decade, according to both back-casting and survey-to-survey imputation techniques. The best estimates from the back-casting approach suggest that the poverty headcount rate—at the international poverty line—was 42.8 percent in 2010. This is only slightly below the analogous estimate from imputing into the 2010/11 GHS, 43.5 percent. With poverty dropping by at most a few percentage points over the last decade, the absolute number of poor people is likely to have climbed, given Nigeria’s rapid population growth.

Read also

Bola Tinubu tackles PDP, says opposition does not understand simple Economics 101

“Since the back-casts provide yearly estimates, they also suggest that poverty may have started declining in the first part of the 2010s, but that this trend halted and then reversed around 2015. This is unsurprising—and indeed is hardwired into the back-casting model through real GDP growth estimates—given the 2016 recession, brought about by weakening oil prices.”

Meanwhile, in an interview with Legit TV, a Nigerian man has said that he would make fuel sell for N100 or N80 if he had the power. The man expressed frustration and revealed that he is currently working on leaving the country very soon as his papers are being worked on.

While laughing, the man said that God would be unhappy with him if he died in Nigeria. He added that he would prefer going to Ukraine and face bombs than wallowing in abject poverty in his country.

The frustrated Nigerian stated that the country would not change as all its ruling elites are opposed to such. He revealed that during the fuel scarcity, he sometimes trekked from Ikeja to Iyana Ipaja because fares were expensive.

Source: Legit.ng