Nigeria’s poverty rate may hit 35% — group

The Nigeria Economic Summit Group has projected that the Nigeria’s poverty rate could hit 35 percent if proactive policy measures were not taken by various tiers of government to address the increasingly worrisome unemployment rate in the economy.
It also predicted that the nation’s unemployment rate could rise to 16 percent by 2030 based on other assessment parameters, including a $2,700 per capita with the average agriculture share of the GDP.
The NESG also projected that the service sector share could hit 54 percent, These micro and macroeconomic projections were contained in the group’s 2020 macro-economic outlook published yesterday.
It noted that Nigeria’s economy remained fragile despite the modest recovery it recorded over the past two years.
The NESG stressed the urgent need for government to adopt appropriate policy measures to deal with the challenges of bourgeoning population and rural-urban drift of millions of Nigerians. It said Nigeria’s economy would record a 6.4 percent growth by 2030 if current challenges facing business were frontally tackled by the government. Daily Trust