A lot of factors hindering Nigeria’s growth says world bank

The World Bank says slow growth, low human capital, labour market weaknesses, and exposure to shocks are hindering Nigeria’s poverty reduction.

The World Bank, which is the global financial institution, stated this in a report titled; “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022”.

Speaking on the report, World Bank Country Director for Nigeria, Shubham Chaudhuri, said it is clear that much needs to be done to help take millions of Nigerians out of poverty, including; boosting health, education, productive jobs, and expanding social protection.

The report represents the conclusion of the bank’s engagement on poverty and inequality-relevant data and analytics in Nigeria in the last two years.

It relied primarily on the 2018/2019 Nigerian Living Standards Survey, which provided the country’s first official poverty numbers in almost a decade, as well as the Nigeria COVID-19 National Longitudinal Phone Survey.

Kevin Madu