Economic growth not benefiting Nigerian masses—World Bank

World Bank has revealed that Nigeria’s economy’s performance in the last 10 years has been puzzling.

This is contained in a publication titled, ‘Nigeria Economic Report,’ released on Monday. The World Bank said a decade of high economic growth had not translated to much welfare improvement for the generality of the country’s citizens.

According to the bank, the country needs to find a formula that will enable the wealth of the nation to cascade to the generality of the populace through rapid creation of jobs.

The report states, “Nigerian economic statistics reveal a puzzling contrast between rapid economic growth and quite minimal welfare improvements for much of the population. Annual growth rates that average over seven per cent in official data during the last decade place Nigeria among the fastest growing economies in the world.

“This growth has been concentrated particularly in trade and agriculture, which would suggest substantial welfare benefits for many Nigerians. It is imperative that Nigeria finds a recipe to unlock rapid growth and job creation in a larger part of the country, as well as to increase standards of education, health and other social services to enable its citizens to find gainful employment in the emerging growth poles.”

In a similar report, the International Monetary Fund (IMF) had said although the high growth rate had been sustained for a decade, unemployment is still high.

IMF had said, “Strong growth on the order of six per cent a year has been sustained over the last decade, but the official unemployment rate has increased over the period and poverty remains high.

“To make growth more inclusive, the authorities initiated a comprehensive programme in 2012, prioritising macroeconomic stability and reforms to boost competitiveness and productivity, especially in labour-intensive sectors.

“Initial outcomes have been generally favourable although progress in some areas has been slower than originally envisaged.”