The World Bank has issued a warning that over 7 million additional Nigerians could fall into poverty, pushing the total figure perilously close to the alarming milestone of 100 million.
The World Bank’s report has shed light on the deepening economic challenges faced by Nigeria, with rising inflation and removal of fuel subsidies exacerbating the plight of the vulnerable population.
Speaking on the situation, the World Bank Country Director for Nigeria, Shubham Chaudhuri, explained that “The figures are alarming. Without prompt and effective measures, we risk witnessing millions of Nigerians succumb to poverty.”
The report points to a range of factors contributing to the worsening situation, including structural imbalances, fiscal challenges, and trade restrictions. The removal of fuel subsidies has also had a significant impact, as it has led to a substantial increase in prices, directly affecting the already vulnerable segments of society.
The loss of purchasing power and the absence of compensation mechanisms have further exacerbated the situation.
Highlighting the urgent need for comprehensive reforms, the report emphasizes the importance of social safety nets and targeted programs to shield the most vulnerable citizens from the adverse effects of the economic crisis.
The World Bank calls on the Nigerian government to implement immediate measures to address the growing poverty rates and restore macroeconomic stability.
Meanwhile, President Bola Tinubu has stressed the importance of sustaining the bold reforms initiated by the administration, while also acknowledging the requirement for additional financing to ensure the long-term sustainability of the reforms.
The World Bank’s warning serves as a wake-up call to all stakeholders involved in Nigeria’s economic recovery.
Concerted efforts and targeted policies are needed to alleviate the suffering of the most vulnerable citizens and reverse the trajectory of increasing poverty rates.
The World Bank’s report serves as a reminder that the country’s future prosperity relies on swift and comprehensive action to address the economic challenges faced by millions of Nigerians.
As the figures approach the distressing threshold of 100 million people living in poverty, time is of the essence to implement effective policies and interventions that will uplift the nation and ensure a brighter future for all.
