Nigeria’s poverty level falls by 2% – World Bank’s VP

Channels Television  
Updated January 15, 2013

World Bank’s Vice President for Africa; Mr. Mouktar Diop has stated that the level of poverty in Nigeria had actually declined from 48 per cent to 46 per cent under President Jonathan’s leadership.

The World Bank Vice President after a meeting with President Goodluck Jonathan on Tuesday disclosed that by the World Bank’s own criteria and assessment, the level of poverty in Nigeria had actually declined from 48 per cent to 46 per cent under the present administration.

He however noted that Nigeria’s GDP growth rate of eight per cent is not sufficient to reduce poverty in the country.

Mr Diop said the Nigerian government can further reduce poverty in the country by tackling the problem of inadequate electricity supply.

He stated that the World Bank would be releasing Nigeria’s economic report next month.

The report is based on the World Bank’s assessment of the Nigerian economy.

Meanwhile the federal government has reaffirmed its commitment to the implementation of all reforms considered necessary for accelerated economic growth, job creation and poverty alleviation in Nigeria.

President Goodluck Jonathan stated this when he received the World Bank’s Vice President for Africa, Mr. Mouktar Diop, on Tuesday in Abuja.

The President stated that although it was not easy to undertake certain reforms in an intensely political environment, the federal government under his leadership will continue to evolve and implement policies that will assure sustainable development and the long-term well-being of the nation.

Acknowledging Mr. Diop’s commendation of his administration’s stewardship of the Nigerian economy, the President said that with the continued support of the World Bank, other international institutions and investors the federal government will achieve an even higher growth rate for the national economy.

The President said that Nigeria will particularly welcome more support from the World Bank for the concluding stages of its power sector reforms especially for the speedy resolution of labour issues and other matters related to the on-going privatization of the sector.

Mr. Diop commended on-going reforms in the country and the management of the Nigerian economy by the Jonathan Administration which he said had made Nigeria one of the fastest growing emerging economies in the world in spite of the current global recession.

Speaking to state house correspondents after the meeting Mr. Diop assured President Jonathan that the World Bank will “use all instruments available to it” to support Nigeria’s power sector reforms, saying that he had a clear brief  from the bank’s President to give all necessary support for the reforms.