Poor Nigerians to hit 100 million by 2022 – world bank
The World Bank predicted on Thursday that the number of poor Nigerians would rise from the current 90 million to about 100 million by 2022 due to the impact of the COVID-19 pandemic on the country’s economy.
By 2022, he said, an additional 11 million Nigerians are expected to fall below the poverty line as a result of the COVID-19 crisis.
The World Bank also estimated its board-approved loan portfolio for Nigeria at approximately $ 11.5 billion.
The bank announced this during its virtual event, the Nigeria Development Update, on Decision Making: Nigeria’s Response to COVID-19.
In a speech at the event, bank economist Marco Hernandez said that before the COVID-19 pandemic in 2020, it was expected that about two million Nigerians would end up in poverty as population growth outpaced economic growth.
He said: “With COVID-19, the recession is likely to push another 6.6 million Nigerians into poverty in 2020, bringing the total new poor to 8.6 million this year.
“This means an increase in the total number of poor people in Nigeria from about 90 million in 2020 to about 100 million in 2022. Most likely, this will affect the northern states. “
In terms of factors that explain the rise in poverty, the bank said vulnerable jobs, receiving fewer remittances and being close to the poverty line are some of the factors.
Source: – Punch ng