World Bank's Projection Shows Nigeria's Poverty Level By 2030
Nigeria is leading the pack when talks about poverty is raised and that started since 2015, according to a report published by the World Bank.
It was submitted by Data Scientists, Roy Katayama and Divyanshi Wadhwa, and it holds a lot that any Nigerian thinking of when the nation will come out of poverty should see.
The report said out of the world’s 736 million extreme poor in 2015, 368 million—half of the total—lived in just five countries.
Nigeria is one of those countries and it is doing badly in terms of efforts to end poverty.
"The 5 countries with the highest number of extreme poor are (in descending order): India, Nigeria, Democratic Republic of Congo, Ethiopia, and Bangladesh.
"They also happen to be the most populous countries of South Asia and Sub-Saharan Africa, the two regions that together account for 85% (629 million) of the world’s poor.
"Therefore, to make significant continued progress towards the global target of reducing extreme poverty (those living on less than $1.90 a day) to less than 3% by 2030, large reductions in poverty in these five countries will be crucial," the report read
But will poverty reduce so much in Nigeria before 2030?
From a graph that accompanied the World Bank's Data Scientists' report, only very little number of Nigerians would come out of poverty and that would begin to happen from 2023, the year that President Muhammadu Buhari's regime would end if he got his second term bid.
By 2022, Nigeria will have 98.91 million poor people and after that year, by 2023, the number will drop to 98.79.
By 2024 the poverty level will droop further to 98.56 and the drop will continue to 95.86 million by 2030.
It is not a significant drop and that is why the scientists are suggesting that the 5 nations must be intentional in the quest to reduce poverty.
On how these 5 countries will fair between this time and 2030, the World Bank Data Scientists wrote: "However, we mustn’t lose sight of the numerous other countries with high poverty rates.
"As poverty projections to 2030 for these five countries reveal, uneven outcomes are likely.
"When projections are based on countries growing in line with past growth rates (the regional average over the last ten years), extreme poverty in India and Bangladesh approaches zero by 2030 but extreme poverty in Nigeria, DRC, and Ethiopia remains quite elevated.
"The uneven progress across these 5 countries is indicative of the broader uneven progress globally. An outcome where extreme poverty is nearly eliminated throughout the world except in one region, sub-Saharan Africa, certainly does not portray a picture of a world free of poverty.
"As emphasised in the Poverty and Shared Prosperity Report 2018, we should go beyond the focus on reducing the global poverty rate to below 3% and strive to ensure that all countries and all people can share in the benefits of economic development.
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