Millions Of Nigerians Living In Extreme Poverty- World Bank | READ IN FULL

According to the report, millions of Nigerians are currently living in abject poverty as most have resorted to extreme measures like scaling back food consumption and jettisoning education to cope with the harsh realities of the country's realities.

In the report titled, "A Better Future for All Nigerians: Nigeria Poverty Assessment 2022ÔÇØ World Bank stated that poverty reduction efforts were being hampered by sluggish growth, low human capital, labour market weaknesses, and exposure to shocks.

The report was drawn from the culmination of the World Bank's engagement on poverty- and inequality-relevant data and analytics in Nigeria in the past two years.

The relevant organization reports include the 2018/19 Nigerian Living Standards Survey (NLSS), which provided Nigeria's first official poverty numbers in almost a decade, and the Nigeria COVID-19 National Longitudinal Phone Survey (NLPS). These surveys were implemented by Nigeria's National Bureau of Statistics (NBS) in collaboration with the World Bank.

The report revealed that many Nigerians, especially those in the north lack education and access to basic infrastructure, such as electricity, safe drinking water, and improved sanitation.

It also noted that just 17 percent of Nigerian workers hold the wage jobs best able to lift people out of poverty.

"It is clear that much needs to be done to help lift millions of Nigerians out of poverty, including boosting health and education, bolstering productive jobs, and expanding social protectionÔÇØ said Shubham Chaudhuri, World Bank Country Director for Nigeria.

"Yet implementing pro-poor initiatives requires unlocking fiscal space; reforming expensive subsidies - including fuel subsidies - will be essential, alongside countervailing measures to protect the poor as reforms are effected.ÔÇØ