“Unemployment, Poverty Level In Nigeria Is On The Increase” – World Bank

World Bank said poverty reduction and job creation programmes by the federal government have not kept pace with the population growth, thereby implying social distress for an increasing number of people in the country.

A report released recently titled ‘Nigeria Economic Report (NER), suggested that Nigeria will need to build up its fiscal reserve to protect the country from oil price volatility. It will also need to increase internally generated revenue to compensate for what will likely be declining oil revenues relative to the size of the economy.

The report also said that Nigeria’s economic growth has not automatically translated into better economic and social welfare for Nigerians.

The NER however suggests that the significant degree of autonomy and financial independence of Nigerian states can be potentially advantageous for rapid development in the country.



[Dailytrust]