Image Credit: Michael Odida
The Digest:
The World Bank has reported that approximately 139 million Nigerians continue to live in poverty, despite acknowledging that the country's economic reforms are beginning to yield stability. This stark reality highlights a critical gap between macroeconomic gains and the daily suffering of citizens.
Key Points:
- The World Bank Country Director commended the government's "bold reforms" on fuel subsidy and foreign exchange.
- He cited rising revenues, improving debt indicators, and a gradual decline in inflation as positive signs.
- However, the benefits have not translated into better living standards for the majority.
- The report outlines a three-point strategy: taming inflation, improving public spending, and expanding social safety nets.
- Food inflation was singled out as a major threat that could undermine political support for the reforms.
- The Bank warned that efficient resource use is crucial to turn stability into better livelihoods.
- It remains committed to supporting Nigeria in ensuring reform gains "reach every household."
Sources: Daily Trust
