40% of Nigerians Now Live on Less Than $1.90 A Day – World Bank

Another gloomy picture of the Nigerian economy has been painted by the World Bank as the institution said Thursday that 40 per cent of Nigerians are living in poverty on less than $1.90 a day.
The report also brought to the fore Nigeria’s economic strength predicting that the figures could also get higher if nothing is done urgently.
The report titled, ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’, published on its website pointed out that Nigeria requires macroeconomic reforms including fiscal, trade, and exchange rate policy; policies to boost the productivity of farm and non-farm household enterprises among others.
The report, which represents the culmination of the World Bank’s engagement on poverty and inequality-relevant data and analytics in Nigeria in the past two years, brings together the latest evidence on the profile and drivers of poverty in Nigeria.
The World Bank assessment is coming few days after President Muhammadu Buhari summoned his recently appointed National Economic Adviser, Prof. Doyin Salami, in what was believed to have been informed by the increasing prices of goods.
The recent increase in the price of crude oil in the international market as a result of the war in Ukraine is also believed to be a source of worry to economists.