A new World Bank report has shed light on Nigeria’s economic landscape, revealing that nearly half of Nigerians live in poverty, despite a relatively low unemployment rate of five percent.
The report titled ‘Why do so many Nigerian workers remain poor?’ noted that while wage jobs offer a lower poverty rate, they remain scarce, with only 15 percent of employed Nigerians holding such positions.
Moreover, underemployment poses a significant challenge, with 13 percent of employed Nigerians unable to find sufficient work hours.
The report also noted that while education is beneficial, it does not guarantee escape from poverty, as less than half of post-secondary educated individuals secure wage jobs.
Conclusively, the report advocates for policies that prioritise firm growth, enhance household enterprise productivity, and align worker skills with economic demands to effectively combat poverty in Nigeria.
– Opeoluwa Micheal-Ayobami
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