The World Bank on Thursday projected that the number of poor Nigerians will increase 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.
It stated that by 2022, about 11 million more Nigerians were expected to fall into poverty due to the COVID-19 crisis.
The World Bank also put the financing portfolio approved by its board for Nigeria at about $11.5bn.
The bank disclosed this during its Nigeria Development Update virtual event, which had the theme ‘Rising to the challenge: Nigeria’s COVID-19 response’.
In his presentation at the event, an economist with the bank, Marco Hernandez, stated that before the COVID-19 pandemic, about two million Nigerians were expected to fall into poverty in 2020 as population growth outpaced economic growth.
He said, “With the COVID-19, the recession is likely to push an additional 6.6 million Nigerians into poverty in 2020, bringing the total newly poor to 8.6 million this year.
“This implies an increase in the total number of poor in Nigeria from about 90 million in 2020 to about 100 million in 2022. Northern states are more likely to be affected.”
On factors that explain the increase in poverty, the bank said having a vulnerable employment, receiving fewer remittances, and being close to the poverty line were some of the factors.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com