World Bank predicts 95.7m extremely poor Nigerians in 2022

By AdvocateNews on 29/06/2020

Share on facebook Yahoo mail icon Gmail icon

Views: 326


After a thorough assessment of the impact of rampaging COVID-19 pandemic on the economies of developing countries at the weekend, the World Bank has predicted that an estimated 95.7 million Nigerians would be joining the “extremely poor club” across the globe by 2022.

The report, released recently, indicated that without the COVID-19 outbreak, 90 million Nigerians were already predicted to live in extreme poverty of less than a dollar per day but that the dreaded disease has pushed additional six million people into the number.

The bank said: “With real per capita GDP growth forecast to be negative in all sectors in 2020, poverty will deepen for the current poor, while those households that were just above the poverty line prior to the COVID-19 crisis will fall into poverty.

“Were the crisis not to have hit (the counterfactual scenario), the poverty headcount rate would be forecast to remain virtually unchanged, with the number of poor people set to rise from 82.9 million today to 85.2 million in 2020 and 90.0 million in 2022 due to natural population growth.

“Given the effects of the crisis, however, the national poverty headcount rate is instead forecast to jump from 40.1 percent today to 42.5 percent in 2020 and 42.9 percent in 2022, implying that the number of poor people will be 90.2 million in 2020 and 95.7 million in 2022.

‘Thus, taking the difference between these two scenarios, the crisis alone is forecast to drive an additional 4.9 million people into poverty this year, with an additional 5.7 million people living in poverty by 2022.”

The report explained that a disproportionate share of those pushed into poverty by the COVID-19 crisis would likely be those living in urban areas and earning income from services.

The bank further predicted that: “More than one-third of the additional people forecast to be pushed into poverty by the COVID-19 crisis are expected to be in urban areas, while just 15.9 percent of the current poor are urban dwellers.

“Only 13.1 percent of the additional poor people in 2022 are predicted to be in households where the head works primarily in agriculture, while, today, 56.0 percent of poor Nigerians live in agricultural households.

‘Many Nigerians who are not poor today are vulnerable to falling below the poverty line due to the COVID-19 crisis. People living only just above the poverty line are more susceptible to becoming poor when shocks occur. Those with consumption levels between the poverty line and 1.5 times the poverty line may be defined as ‘vulnerable’”.

It added that 40.1 percent of Nigerians (82.9 million people) live below the poverty line, while another 25.4 percent (52.6 million people) are vulnerable.

It pointed out that in rural areas, more than three-quarters of the population were either poor or vulnerable, yet even in urban areas— where the poverty headcount rate was far lower at 18.0 percent—around a quarter of the population would be vulnerable to shocks. The report noted that most Nigerian workers, especially those in poor households e employed in agriculture or non-farm enterprises, which might be more susceptible to the COVID-19 crisis.

The global financial institution stated that just 16.8 percent of working Nigerians (12.9 million workers) were employed primarily in wage jobs, according to the 2018/19 Nigeria Living Standard Survey (NLSS) while around 42.7 percent work primarily in agriculture (32.7 million workers), and 40.6 percent work primarily in non-farm enterprises (31.1 million workers).

The report observed that social distancing measures posed a serious threat to non-farm enterprises that relied on face-to-face interactions with customers, as well as those agricultural workers that needed to buy inputs and sell produce.

Posted 29/06/2020 08:43:21 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
EFCC arrests 28 suspects in connection with alleged...

Buhari assures on new minimum wage as workers...

Nigeria’s COVID-19 cases exceed 9,000 as Lagos records...

PDP advises Buhari to reconsider forex ban on...

Soldiers mistook policemen killed in Taraba for kidnappers...

FG bans open drug market in 2019

Anambra free of coronavirus as 36 tests return...

Breaking: Rangers of Enugu loses player in ghastly...

2nd Anniversary: Enugu govt immortalizes late Ekwueme

Catholic Bishops demand Buhari resignation over spate of...

2019: PDP set to take over Aso Rock...

MFM's 30th Anniversary Convention Kicks off at Prayer...

 

Latest News Hushpuppi faces money laundering charges in US court, risks 20 years jail Ghana minister resigns over virus isolation breach FG donates 114,315 bags of Fertilizer to Kogi Farmers Police arrest woman, husband for inflicting grievous wounds on 10-year-old in Enugu Massive shake up in Police as IG moves Senior Police Officers Confession: How we scouted for pregnant teenagers, made millions in selling their babies – Arrested Rivers baby factory operators Abia Gov, Ikpeazu tests negative for COVID-19 Bteaking: Ebonyi Gov, Dave Umahi, tests positive for COVID-19 N2.55bn fraud: Court jails hackers, orders restitution to bank Investigate Hushpuppi links with Atiku, Saraki, other PDP stalwarts – APC Ebonyi NUJ chairman arrested No zoning for Anambra 2021 guber –PDP

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (37,526 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (25,988 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (17,415 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (17,140 views) ASUU strike: Senate intervention ends in deadlock (16,288 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (16,213 views) All you need to know about Peter Obi, PDP VP Candidate (15,834 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (15,201 views) Sickle cell support group seeks government intervention (14,206 views) Ebonyi bans embalming of corpses in homes (14,015 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (13,398 views) France wins 2018 World Cup Final (12,748 views)

 

SECTIONS EDITORIAL (11) NEWS (2,905) POLITICS (447) SOCIETY (118) SPORTS (27) BUSINESS (306) HEALTH (40) EDUCATION (31) ENTERTAINMENT (18) INTERNATIONAL (67) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (1) OPINION (22)

 

 

Julius Agwu - Crazy Interview Demands