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Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank.[1] Following the oil price collapse in 2014–2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015. In 2016 during its first recession in 25 years, the economy contracted by 1.6%.[2] Nationally, 43 percent of Nigerians (89 million people) live below the poverty line, while another 25 percent (53 million) are vulnerable.[3] For a country with massive wealth and a huge population to support commerce, a well-developed economy, and plenty of natural resources such as oil,[4] the level of poverty remains unacceptable.[5] However, poverty may have been overestimated due to the lack of information on the extremely huge informal sector of the economy,[6][7] estimated at around 60% more, of the current GDP figures.[8] As of 2018, the population growth rate is higher than the economic growth rate, leading to a slow rise in poverty. According to a 2018 report by the World Bank, almost half the population is living below the international poverty line ($2 per day), and unemployment peaked at 23.1%.[9]
Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank.[1] Following the oil price collapse in 2014–2016, combined with negative production shocks, the GDP growth rate dropped to 2.7% in 2015. In 2016 during its first recession in 25 years, the economy contracted by 1.6%.[2] Many individuals are faced with limited financial opportunities, extreme information poverty and unemployment, a lack of access to information technology resources, and other uniquely debilitating environmental circumstances as poverty.[10]
However, these programs have largely failed to overcome the three reasons[11] for this persistent poverty: income inequality, ethnic conflict, and political instability with corruption. The impact of COVID-19 has been disastrous to the economy with inflation on food items on the rise, markets were disrupted by the increase in prices of things and purchasing power.
^ ab"Nigeria Economic Report: Improved Economic Outlook in 2019, and Prospects for Continued Growth Look Good". World Bank. Retrieved 2020-05-27.
^ ab"The World Bank in Nigeria".
^"Overview". World Bank. Retrieved 2021-01-08.
^"Nigeria". DFID. Retrieved 2012-03-21.
^"Nigeria - Country Brief". Web.worldbank.org. 2011-09-23. Retrieved 2012-03-21.
^Aigbokhan, Ben. "Poverty, growth and inequality in Nigeria". African Economic Research Consortium.
^Yusuf, Aremu (February 2014). "The Informal Sector and Employment Generation in Nigeria" (PDF).
^Sparks, Donald. "The Informal Sector In Sub - Saharan Africa : Out Of The Shadows To Foster Sustainable Employment And Equity ?" (PDF). International Business & Economics Research Journal.
^"Nigeria's Economy". Macro Poverty Outlook for Sub-Saharan Africa. World Bank – via Public Documents.
^Chukwuemeka, E.E (13 February 2022). "Poverty and the millennium development goals in Nigeria". The Nexus of Educational Research Review. vo.4(9).
^Ngbea, Gabriel (May 18, 2020). "Poverty in Northern Nigeria" (PDF).
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