- World Bank has said that Nigeria's poverty status will increase by a great margin in 10 years if nothing is done about its economy
- The bank, therefore, called on President Muhammadu Buhari to increase local revenue, reduce CBN's lending to sectors, and do away with high fuel subsidies
- However, in its recent economic update reports, the institution said that Nigeria's economy is expected to rise by 2.1% between 2020 and 2021
According to the prediction of the World Bank, Nigeria is in danger of becoming a place for about 25% of the poorest persons in the world in 10 years if nothing drastic is done about its economy.
In order to prevent this, the bank advised the federal government to increase the generation of local revenue, eliminate unnecessarily stringent laws on trade and make sustainable economic policies, Bloomberg reports.
Moreover, the global financial institution urged President Muhammadu Buhari to remove high fuel subsidies and reduce lending of the Central Bank of Nigeria (CBN) to sectors of the economy.
However, the bank, according to its economic update reports on Nigeria, said that the country's economy is expected to rise by 2.1% between 2020 and 2021.
Meanwhile, Legit.ng reported that the International Monetary Fund (IMF) had warned that Nigeria’s debt to gross domestic product (GDP) ratio at 28% had increased but is still below average in the sub-Saharan Africa and Africa region.
Amine Mati, the IMF senior resident representative and mission chief for Nigeria, made the disclosure in Lagos on Wednesday, November 27, during a public presentation.
He urged the federal government to increase its drive to create more new jobs and revamp its fiscal consolidation, noting that the country’s GDP was low.
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