Nigeria: COVID-19 may fall 11 million Nigerian into poverty, says World Bank
"Before the COVID-19 crisis, the poverty rate was forecast to remain virtually unchanged, with the number of poor people set to rise to 90.0 million by 2022 due to natural population growth. Yet the poverty rate is now forecast to rise to 45.2 per cent by 2022, with 100.9 million people living in poverty.”
- Country:
- Nigeria
Over 11 million Nigerians may fall into poverty by 2022 due to COVID-19 repercussions, suggests a study by the World Bank, according to a report by Premium Times.
As per reports, a large portion of urban dwellers depending on service-sector, and non-farm business in Nigeria is expected to fall in the category.
Published under Nigeria Development Update (NDU) in the World Bank the report reads in part, "before the COVID-19 crisis, the poverty rate was forecast to remain virtually unchanged, with the number of poor people set to rise to 90.0 million by 2022 due to natural population growth. Yet the poverty rate is now forecast to rise to 45.2 per cent by 2022, with 100.9 million people living in poverty."
NDU reportedly evaluates recent social and economic developments and prospects in the country and places them in a longer-term globally.
As per the report, which is titled; 'Rising to the Challenge: Nigeria's Covid-19 Response',
"Simulations suggest that 10.9 million Nigerians may fall into poverty due to the COVID-19 crisis, a large share of whom are set to be urban dwellers who depend on service-sector, non-farm business income. Before the COVID-19 crisis, the poverty rate was forecast to remain virtually unchanged, with the number of poor people set to rise to 90.0 million by 2022 due to natural population growth. While poverty has traditionally been concentrated among rural households dependent on agriculture, more than one-third of those falling into poverty due to the COVID-19 crisis are projected to be urban residents, around one-third are projected to live in households whose heads work in services, and almost half are projected to live in households whose heads work in nonfarm enterprises".
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