World Bank says Nigeria could become home to 25% of world's poorest people

by John Wesley Reid · Dec 3rd, 2019 11:07 am
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Last Updated Dec 3rd, 2019 at 11:43 am

The World Bank is urging Nigeria's president to make aggressive changes in trade and domestic policy to boost the nation's economy or risk becoming home to 25 percent of the world's poorest people.

Nigeria's strict trade regulations play a large role in the economic increase of just 2.1 percent the country is projected to see over the next two years, according to the World Bank. The projected global average is 2.6 percent.

The Bank is recommending the country remove trade restrictions, stabilize economic policies, and increase domestic revenue. It is also encouraging Nigeria's president to remove fuel subsidies and reduce central bank lending.

While Nigeria is the leading oil producer for the African continent, a drop of 25 percent in crude oil prices could send the country into a recession.

Nearly half of Nigeria's 200 million residents live in poverty.