Vice President Yemi Osinbajo stated that Nigeria’s projected real GDP growth from 2021 will make sure 10 million more Nigerians don’t fall into poverty and lift 25 million out of poverty.
The Vice President disclosed this at the edition of the Nigerian Diaspora Investment Summit 2021 organized by the Nigerians in the Diaspora Commission (NiDCOM), according to NAN.
Osinabjo represented by the Secretary to the Government of the Federation, Mr Boss Mustapha added that the summit, themed, “Partnership and Linkages for Post-COVID Economic Growth” would enable foreign investors to invest in the Nigerian economy.
What the Vice President is saying
“NDIS has been held annually for the past three years and this year we know that it has successfully attracted Diaspora investment into local businesses in the country,” he said.
He also revealed that President Buhari’s administration is committed to increasing per capita GDP in Nigeria, and also boosting employment, citing Nigeria’s GDP growth rate.
He stated: “The projected real GDP growth between 2021 and 2025 will ensure that 10 million people do not fall into poverty.
“An additional 25 million people will be taken out of poverty and ensuring that poverty rate will be at 31% by 2025, compared to 40% in 2020,” he said.
What you should know
Nairametrics recently reported that the World Bank revealed the drivers of Nigeria’s inflation rate are unique to the nation alone as it differs from what is experienced in other parts of the world, stating that the higher inflation could send about 5.6 million Nigerians into poverty.
This comes after the World Bank warned in July that rising inflation pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
Meanwhile, in the most recent Poverty and Inequality report released by the National Bureau of Statistics, Nigerians that are poor have been estimated to be 82.9 million. The report also shows that 52.1% of rural dwellers in Nigeria are poor, while only 18.04% of urban dwellers are classified as poor.
According to NBS, on average, 4 out of 10 individuals in Nigeria have real per capita expenditures below N137,430 per year, which translates to N376.5 per day.