* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, July 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Rising Inflation Sends 10m Nigerians into Poverty – World Bank

April 19, 2024
in Business
Rising Inflation Sends 10m Nigerians into Poverty – World Bank
Share on FacebookShare on Twitter

http://economicconfidential.com/World Bank Group

FIRS

Rising Inflation Sends 10m Nigerians into Poverty – World Bank

The World Bank in its Macro Poverty Outlook for Nigeria: April 2024 has stated that rising inflation and weak earnings have pushed 10 million Nigerians into poverty in 2023.

Presenting a grim reality where earnings have drastically lagged behind surging inflation, rendering the economic growth of the country insufficient to improve living standards, the report noted: “Nominal earnings have not kept up with inflation, pushing another 10 million Nigerians into poverty in 2023.”

According to the World Bank’s statistics, poverty rates in Nigeria have escalated to concerning levels across various economic thresholds. The international poverty rate, which is pegged at $2.15 per day, stands at 30.9 per cent.

“More distressingly, the lower middle-income poverty threshold of $3.65 per day shows that 63.5 per cent of the population lives in poverty, while a staggering 90.8 per cent fall below the upper middle-income poverty line of $6.85 per day.”

The report attributed this dire situation to a combination of weak macroeconomic fundamentals and deep-seated structural constraints. A significant overreliance on the oil sector has been identified as a major factor. With the deteriorating performance of this sector, there has been a consequent erosion in macroeconomic stability.

The challenges are compounded by low state revenues exacerbated by an expensive petrol subsidy, ineffective tax rates, and inadequate tax administration, which collectively hamper the government’s capacity to provide essential public services.

Further exacerbating the economic strain are the high levels of inflation, which have persisted and escalated due to loose monetary policies and depreciating exchange rates.

The country further faces substantial hurdles such as inadequate energy and transport infrastructure, high costs of domestic and foreign trade, widespread insecurity, weak institutional frameworks, and low levels of human capital development.

“Nigeria’s economic growth has been insufficient to raise living standards, weighed down by weak macroeconomic fundamentals and several structural constraints. Overreliance on the oil sector for fiscal revenues, exports, and FX inflows led macro stability to erode with the sector’s deteriorating performance in recent years. Low revenues—including due to a costly petrol subsidy, low tax rates, and weak tax administration—have limited state capacity and public service delivery.

“Inflation has remained high and escalating on the back of a relatively loose monetary policy and exchange rate depreciation. Structural factors holding back the country’s growth potential include lack of adequate energy and transport infrastructure, high domestic trade costs and foreign trade protectionism, widespread insecurity, weak institutions, and low levels of human capital development,” the report noted.

The World Bank emphasised the critical need for continued ambitious reforms centered around macroeconomic stabilization as the economic forecast projects an average growth of 3.5 per cent between 2024 and 2026, which marginally outpaces the population growth rate by 0.9 percentage points. This growth is expected to be driven by the stabilisation of macroeconomic conditions and a gradual recovery in the non-oil sectors, even as the oil sector might see some stabilisation and recovery in production levels.

Despite these projections, the report noted that “poverty rates are expected to increase in 2024 and 2025 before stabilising in 2026 due to the initial impact of ongoing reforms and the prevailing high inflation rate, estimated to average 24.8 per cent in 2024.”

However, the Minister of Finance and coordinating minister of the economy, Wale Edun, has assured international financial institutions of the positive trajectory of the Nigerian economy. Mohammed Manga, the director of press of the ministry in a statement yesterday said the minister emphasised the government’s commitment to attracting foreign investment and improving the lives of Nigerians.

Edun underscored the “bold, courageous and strategic reforms” implemented by President Bola Tinubu-led administration. These reforms, he explained, aim to achieve a dual objective: stabilising the national economy to attract foreign investment and foster job creation and poverty reduction.

The minister expressed optimism about the direction of the Nigerian economy. He pointed to government policies successfully “slowing down food inflation” as evidence of positive progress.

Edun’s visit to Washington D.C. for the World Bank Springs meeting is part of a larger effort to showcase the economic advancements achieved under the current administration.

He, alongside the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Shehu Jafiya, the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and other key officials, aim to collaborate with international institutions like the World Bank and the IMF.

Edun said: “The economic team of President Bola Tinubu is here to showcase the progress so far made of his bold, courageous, and strategic reforms for the Nigerian economy to get it stabilised to attract foreign investment, create jobs for our people, reduce poverty and enhance our economic growth and development in line with the Renewed Hope Agenda of the administration.”

He further highlighted positive economic indicators, including a stabilising exchange rate and signs of declining food inflation. While acknowledging that oil revenues haven’t reached their full potential, Edun expressed confidence in Nigeria’s resilience and its ability to achieve economic goals.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/04/inflation-poverty-world-bank/?utm_source=rss&utm_medium=rss&utm_campaign=inflation-poverty-world-bank

Tags: businessInflationRising
Previous Post

Despite vaccination gains, 1.2 million children under one remain unprotected in the Americas

Next Post

Electricity Tariff Hike Reversal Requires N3.2trn – NERC

5 ways Trump has shaped the economy in 6 months – The Hill

5 Powerful Ways Trump Has Transformed the Economy in Just 6 Months

July 27, 2025
Flutter Entertainment Announces Pricing Of $1.272 Bln Of Additional Senior Secured Notes Due 2031 – Nasdaq

Flutter Entertainment Secures $1.27 Billion with Senior Secured Notes Due 2031 in Landmark Financing Deal

July 27, 2025
KFF Health Tracking Poll: Public Views on Recent Tax and Budget Legislation – KFF

How the Public Really Feels About the Latest Tax and Budget Changes

July 27, 2025
Dollar falls against yen as markets weigh new trade deal, Japanese politics – Reuters

Dollar falls against yen as markets weigh new trade deal, Japanese politics – Reuters

July 27, 2025
Clinch County Schools prepare for students’ return with new policies, technology – WALB

Clinch County Schools Prepare for Students’ Return with Exciting New Policies and Cutting-Edge Technology

July 27, 2025
Highlights: Xfinity Series at Indy on The CW – NBC Sports

Unforgettable Thrills Ignite the Xfinity Series at Indy

July 27, 2025
Yellowstone aspen showing signs of recovery following 1995 reintroduction of wolves to park – Oregon State University

Yellowstone Aspen Thriving Again Years After Wolves Were Reintroduced

July 26, 2025
CMC trustees approve new biological science bachelor’s degree – KUNC

CMC Trustees Approve Exciting New Bachelor’s Degree in Biological Sciences

July 26, 2025
By cutting science, the Defense Department is eating its seed corn – Defense News

Cutting Science Funding: How the Defense Department Is Jeopardizing Tomorrow’s Innovation

July 26, 2025
Opinion | Lifestyle Interventions Should Not be Replaced by GLP-1s – MedPage Today

Why Lifestyle Changes Must Stay the Cornerstone-Not GLP-1s

July 26, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (740)
  • Economy (765)
  • Entertainment (21,645)
  • General (16,128)
  • Health (9,803)
  • Lifestyle (772)
  • News (22,149)
  • People (766)
  • Politics (774)
  • Science (15,979)
  • Sports (21,262)
  • Technology (15,746)
  • World (747)

Recent News

5 ways Trump has shaped the economy in 6 months – The Hill

5 Powerful Ways Trump Has Transformed the Economy in Just 6 Months

July 27, 2025
Flutter Entertainment Announces Pricing Of $1.272 Bln Of Additional Senior Secured Notes Due 2031 – Nasdaq

Flutter Entertainment Secures $1.27 Billion with Senior Secured Notes Due 2031 in Landmark Financing Deal

July 27, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version