World Bank says Weak labour market, others hindering Poverty reduction in Nigeria.

Written by on March 26, 2022

The World Bank opined that sluggish growth, low human capital, labour market weaknesses, and exposure to shocks are holding Nigeria’s poverty reduction back.

The global financial institution stated this in a report titled ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’.

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

He added that implementing pro-poor initiatives requires unlocking fiscal space; reforming expensive subsidies – including fuel subsidies – will be essential, alongside countervailing measures to protect the poor as reforms are effected.

Seun Fakorede

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