The World Bank in its 2019 Nigeria Economic Update Report which was released on Monday Decemeber 2, warned that Nigeria might be home to 25 per cent of the world’s destitute people if the government fails to revive economic growth and create jobs.
The international finance institution urged the Buhari-led administration to increase domestic revenue, remove trade restrictions and improve the predictability of economic policy following a projection of the number of Nigerians living in extreme poverty increasing by more than 30 million by 2030.
The World Bank also stated that the Nigeria’s economic growth projected to pick up from 1. 9 per cent in 2018 to two per cent in 2019, is vulnerable to external and domestic risks including geopolitical and trade tensions that may affect inflows of private investment. It also warned that the country might slide back into recession if crude prices falls by 25 per cent to $50 a barrel.
