The World Bank has warned that by 2030 the number of Nigerians living in extreme poverty might increase by more than 30 million.
The bank disclosed this in its new report titled ‘Nigeria Economic Update’, noting that the key contributors to this drastic increase are the current economic situation and the level of unemployment in Nigeria.
Recall that an Austria-based data lab, World Poverty Clock in February disclosed that over 91 million Nigerians are living in extreme poverty.
In a similar note the Managing Director of the International Monetary Fund, Kristalina Georgieva, said Nigeria’s economic recovery remains still “too slow” to reduce vulnerabilities and reduce poverty in the country.
The report, however, warned that if the government does act quick within the next 10 years, more Nigerians will fall behind the extreme poverty line.
Ignoring the warning according to the bank will cause the country to slide back into recession if crude prices fall by 25% to $50 a barrel.
“The cost of inaction is significant. Under a business-as-usual scenario, where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of Nigerians living in extreme poverty could increase by more than 30 million.”
Meanwhile, the World Bank projected that Nigeria’s economy would expand by 2.1% in 2020 and 2021.