Nigeria to hit poverty peak in 2030- World Bank
Nigeria which is one of the most disturbed African Nation due to terrorism in recent years has been warned by World Bank in the latest statement released in their website. Nigeria which has over 250million people living in it could be affected and get worse at the highest stage of poverty in the next 10 years. The World Bank explains that Nigeria’s population is said to increase in the next 10 years by 35 million people making life difficult more than before unless the rate of employment is increased or the country will account for 1/4 of it’s citizen living in high stage of poverty globally.
In the statement released by World Bank, there are four compulsory areas that will help in laying a ground support for a successful transition to a better and new economic model where the young citizens will utilize the blissful and abundant natural resources in other to not just eradicate poverty but also improve the economic model in the country.
One of the core area listed is huge placement of capitals in infrastructure where more estate should be built, good roads and industrial development shouldn’t be off their books. Land Security is one of Nigeria’s major challenges in the North-East region in the past few years where the need for strong forces will be massive in the strengthening of land security. Improvement of land security was also listed by the World Bank. The non-oil sector like the solid minerals should not be overlooked in other to attract both foreign and local investors in the country.
This present Buhari-Led administration had eyes on the agricultural aspect for boosting of Nigeria’s economy which was neglected by the past administration, though violence and conflicts affected the main agricultural belts of the nation where Nomadic herders and farmers clashes frequently to disrupt agricultural growth in the country. Boko Haram now known as ISWAP insurgency in the North-East also played a major role in the poverty increase in the nation.
Poor power supply affects and slows massive production and it also noted that slow rate of production is linked to fewer consumer demands and smaller percentage of investments both by the private and public sector.
Nigeria, which is the capital of poverty in Africa needs to tackle all this core areas listed by the World Bank for the counter-attacking of poverty increase before the next decade and should also be made much feasible.