Nigeria’s Unemployment, Poverty Rates Increased In 2017 – World Bank
Despite coming out of recession, Nigeria's unemployment and poverty rates are still on the rise.
A statement issued by the World Bank in Abuja showed that this was indicated in its report, ‘Nigeria Bi-annual Economic Update’.
According to the report, Nigeria emerged from recession in 2017, but poverty in the country increased slightly.
Titled: ‘Connecting to Compete’, the report stated that Nigeria’s Gross Domestic Product growth reached 0.8 per cent, driven by an expansion in oil output and continued steady growth in agriculture.
The World Bank said, “The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand remained weak and private sector credit low.
“The rates of unemployment and underemployment increased in 2017 and poverty is estimated to have increased slightly. Gross Domestic Product growth in 2018 is expected to hover just over two per cent, largely oil sector-driven.
“Nigeria has a big home market, which is constrained by limited connective infrastructure, thereby reducing producers and firms’ ability to reach wider markets.”
It added, “This lack of connectivity dampens economic collaboration and cooperation among the country’s regions, limiting market integration and reducing producers and firms’ ability to reach wider markets.
“Spatial fragmentation and limited connections also hurt welfare and prospects for poverty reduction.”