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 6)
The
nations foreign reserves have been on a steady rise. In the review week,
reserves increased by $415.2 million from $28.3 billion on February 3, 2017 to
$28.8 billion on February 10, 2017. The increase is likely the
reflection of a sustained crude oil revenue complemented by moderating global
crude oil price and increasing domestic production. This should help strengthen
the ability of the CBN to foster forex liquidity, and thus help maintain
stability in the domestic forex market. If sustained, it should also help
improve the value of the naira overtime. Hence, the government should implement
proactive and effective policy strategies to, not only, sustain improvements in
oil revenue but also boost non-oil revenue.
Nigeria Economic Update (Issue 42)
Recently
released survey report by the CBN shows an improvement in the availability of
secured and unsecured banks credit and loans to
households, corporate and small businesses in 2017Q3, and an optimistic outlook
in 2017Q4. Among other indices, availability of overall secured and
unsecured lending to households improved from -6.2 and -19.2 to -0.9 and -15.0
index points respectively; although still in the negative territory. Index for
availability of credit to small businesses improved from -20.1 to -6.7. Lenders
and respondents noted that anticipation of a brighter economic outlook,
favorable liquidity positions, market share objectives and higher appetite for
risk were major factors behind the increase.