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Nigeria’s extreme poor to hit 95.1m by end of 2022 – World Bank

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The World Bank has predicted that by the end of 2022, the number of extremely poor people in Nigeria will hit the 95.1 million mark, with an estimated 5 million additional people slipping below the poverty line.

The Washington-based World Bank which made this damning prediction in its poverty assessment report entitled ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment,’ on Wednesday, said despite repeated promises by the President Muhammadu Buhari-led government of lifting millions of Nigerians out of poverty, the indices suggest otherwise.

On several occasions, President Buhari and members of his team have claimed that his government has lifted millions of Nigerians out of poverty, with a projection that by 2023, as many as 100 million Nigerians would have been lifted out of poverty.

But the World Bank report states otherwise as it painted a bleak future for Nigeria’s poor.

Blaming most of the problems that has continued to deepen the country’s economy crisis on unfavourable policies of the government, hich include multiple exchange rates, the country’s trade restrictions, bans on certain goods and the 2019 border closure.

“Such policies have immediate negative effects on poverty reduction through the price channel, as trade restrictions can make the goods that poor households consume, especially food items, more expensive, reducing people’s purchasing power and welfare in turn,” the report said.

“Between 2000 and 2014, Nigeria enjoyed a period of sustained expansion, during which the economy grew by around 7 percent per year, outstripping the estimated annual population growth rate of 2.6 percent.

“But real GDP growth dropped to 2.7 percent in 2015, then 1.6 percent in 2016, as the decline in global oil prices induced Nigeria’s first recession in almost two decades.

“Growth has not recovered subsequently. It lies below population growth and the growth performance of peer countries over the same period. This weakening overall growth performance makes it significantly harder to reduce poverty.”

The bank, however, suggested a way out for the country in the report. It encouraged the strengthening of Nigeria’s social protection system as that will strengthen public trust in governance, develop administrative reach, and boost resilience in the people as that will be crucial for the country’s future.

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Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

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Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge as the country’s central bank governor.

The National Assembly on Wednesday approved the
appointment of economist and senior civil servant who was nominated by President William Ruto as the next apex bank chief.

Thugge, who served as principal secretary in the finance ministry until mid-2018, was nominated after serving as one of the president’s senior economic advisers since late last year.

He shook off competition from others shortlisted candidates like Adan Mohamed, who served in the cabinet from 2013-2022, with four others also interviewed for the role.

The new central bank governor will be faced with the immediate pressure of stabilizing the country’s monetary policy as the East African giant currently faces a shortage of funds amidst rising public debt.

Despite the odds, the World Bank in a report earlier today expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

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Ghana presents ‘working proposal’ for debt restructuring— IMF sources

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West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt restructuring proposal to its creditors.

According to sources quoted by Reuters, a “working proposal” has been submitted to help the country escape its worst economic crisis in a generation.

One of the sources revealed that the proposal was a first attempt to engage the official creditor committee after its formation in May. It should be recalled that the Paris Club last month announced that official sector of creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

The plan is to end restructuring of domestic debt before turning to negotiations with its official bilateral creditors and international bondholders, a government official said.

Ghana is one of several cash-strapped countries facing unprecedented delays in getting bailouts as China, its biggest bilateral creditor with about $1.7 billion of debt and Western economies disagree over how debt relief should be structured.

The first formal review of the programme will hold in the coming months as an IMF team will visit Ghana between 8th and 15th of June.

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