The World Bank has said that notwithstanding recent economic reforms that have increased government revenues, no less than 139 million Nigeria’s still lives in poverty.
World Bank Country Director for Nigeria, Matthew Verghis made this known yesterday at a launch of the Nigeria Development update ( NDU) in Abuja.
Verghis said that although the economy has recorded significant stabilization gains, rising reserves and easing inflation most house holds are yet to feel the impact.
The World Bank representative in Nigeria noted, “Nigeria’ s economic growth has picked up , revenues are rising, debt indicators are improving , the foreign exchange market is stabilising, reserves are rising and inflation is beginning to ease, “”
However, Verghis commended the government for implementing bold policy reforms that have begun to stabilise the economy, but warned that millions of Nigerians have yet to feel the benefits.
“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy,” Verghis said.
“These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come.”
He said the impact of the reforms is becoming visible, citing rising revenues, stabilising foreign exchange markets, growing reserves, and declining inflation.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he said.
