Updated: March 4, 2021
In the long run, things are expected to improve, but between now and 2030, the living standards of Nigerians will continue to deteriorate, and the number of people living in poverty will continue to rise, increasing by more than 30 million by 2030, the World Bank warned in its latest analysis released on December 19.
“Nigeria’s population is expected to grow by as much as 35 million in the next decade, and unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide,” said Marco Hernandez, World Bank Lead Economist for Nigeria, and co-author of the report. “Creating new opportunities for this rapidly increasing labor force will require a new economic model based on productivity growth.”
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The update analyzes the evolution of productivity in Nigeria and identifies the policies and institutions that can help accelerate Nigeria’s economic expansion and create new job opportunities. It also outlined in the report are four priority areas that would lay the foundation for Nigeria’s transition to a new economic model that more effectively uses its large, young population and abundant natural resources to support sustainable growth and poverty reduction.