Weather Report
11.34℃
Tuesday, October 22
Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.” It further highlights that the ongoing economic challenges have deepened the poverty crisis, with over 115 million Nigerians estimated to have been living in poverty in 2023.
Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty,” it added.
“Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023.
Although inflation has slightly slowed to 32.7% by September, the cost of living has continued to rise, plunging an estimated 129 million Nigerians into poverty, as reported by the World Bank.
Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent..
Read Full Story
