In its latest Nigeria Development Update, the World Bank revealed that 24 million Nigerians had been pushed below the poverty line in 5 years – between 2018 and 2023. In tandem, poverty rate in the country has increased to 46 percent in 2023 compared to 40 percent recorded in 2018 with the number of poor people also rising from 79 million in 2018 to 104 million in 2023, a 31.6 percent increase. A rural-urban comparison shows that a larger proportion of poor people reside in rural areas standing at 84 million compared with 20 million poor people residing in urban areas. The increase in poverty rates is attributed to rising inflation, slow economic growth, and a high population growth rate
January 4, 2024
Nigeria Economic Update (Issue 49)
Related
Nigeria Economic Update (Issue 43)
The IMF World Economic Outlook report, indicates a downward revision for Nigerias 2017 economic growth. Specifically, growth has been projected to expand by 0.6 percent relative to the 1.1 percent earlier projected. The decrease is attributable to sharp growth slowdown experienced in Nigeria, occasioned by prevailing constraining factors (crude oil production disruptions, Forex and power shortages, and weak investor confidence). The outlook, which does not seem optimistic, reveals Nigerias further vulnerability to potential external and internal risks/shocks.
Nigeria Economic Update (Issue 20)
Power sector
analysis shows an increase in power generated by 15.5 percent from 3639.2 megawatt
to a peak of 4196.2 megawatt between April 22, 2016 and April 29, 201612,
albeit a sharp fall to 25.2 megawatts on April 23, 2016 following a system
collapse13. In a bid to attain the targeted 10,000 megawatts by 2019,
the Federal Government is set to complete the ongoing 47 power transmission
projects across the country, which would boost power supply14.
However, the delays in passing the budget into law is a major constraint to the
completion of the projects. Thus government needs to speed-up the passage of
the 2016 budget to provide the funds to complete the projects.