World Bank pin points threats to Buhari’s plan to reduce poverty in Nigeria

The World Bank has raised concerns about President Muhammadu Buhari’s plan to lift 100 million Nigerians out of poverty.

World Bank economists, Jonathan Lain and Jakob Engel expressed these concerns in a post published on the bank’s blog on Tuesday.

According to the economists, rising inflation, continued population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.

The post read, “Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a severe challenge. Before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.

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“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever.”

In June last year, President Buhari inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.

This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.

The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years. Fortunately, we have already started, but we need to unlock the challenges of slow implementation, inappropriate targeting and absence of adequate resources.”

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