Nigeria Poverty Assessment 2022

18 16 2001-2019 EVEN BEFORE COVID-19, NIGERIA'S GROWTH WAS INSUFFICIENT TO LIFT PEOPLE OUT OF POVERTY Economic growth and population growth in Nigeria, 14 12 10 Real GDP and population growth rate (percent) 2 0 -2 -4 NIGERIA THE WORLD BANK 1 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -Real GDP -Population Note: Real GDP deflated using the GDP deflator. Source: Nigerian National Bureau of Statistics (NBS) and World Bank estimates. IBRD ⚫IDA | WORLD BANK GROUP 2019 • Nigeria aspires to lift 100 million people out of poverty by 2030 • Yet since 2015, and right through the COVID-19 crisis, population growth outstripped real GDP growth, pushing living standards down Indeed, the COVID-19 crisis ushered in the deepest recession in Nigeria since the 1980s More than two-thirds of Nigerians are aged less than 30 - with a young and growing population, the need for Nigeria to harness the potential of its demographic dividend is more urgent than ever 2

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