Economy
Covid-19 May Increase Nigeria’s Poverty Rate – World Bank
The World Bank has warned that the economic impact of the COVID-19 may send personal incomes back four decades, Eko Hot Blog reports.
According to a World Bank report, Africa’s most populous country will have to enact a series of potentially politically unpopular reforms in order to avoid a prolonged recession.
The report stated that the impact of the COVID-19 pandemic could increase Nigeria’s poverty rate by as much as 15 to 20 million by 2022.
Read also: Nigeria Edges Closer To $1.5b World Bank Loan
The latest World Bank Nigeria Development Update report tagged “rising to the challenge: Nigeria’s COVID response” stated that in the next three years, an average Nigerian could see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.
According to the bank’s Country Director for Nigeria, Shubham Chaudhuri, if there are no measures to mitigate the impact of the crisis, the economy could shrink up to 4 percent in 2020 following the twin shocks of COVID-19 and low oil prices.
“Nigeria is at a critical historical juncture, with a choice to make. Nigeria can choose to break decisively from business-as-usual and rise to its considerable potential by sustaining the bold reforms that have been taken thus far and going even further and with an even greater sense of urgency to promote faster and more inclusive economic growth.”
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
