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Thirty Five Per Cent Of Nigerians To Slip Into Poverty –NESG

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The Nigeria Economic Summit Group has said that 35 per cent of Nigerians might slip into poverty except government addresses the growing rate of unemployment in the country.

The group also said that the rate of unemployment could hit 16 per cent by 2030.

 

The NESG also projected that the service sector share could hit 54 per cent.

These micro and macroeconomic projections were contained in the group’s 2020 macro-economic outlook published on Wednesday.

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 the government to adopt appropriate policy measures to deal with the challenges of burgeoning population and rural-urban drift of millions of Nigerians.

It said Nigeria’s economy would record a 6.4 per cent growth by 2030 if current challenges facing business were frontally tackled by government.

The group also said that the rate of unemployment could hit 16 per cent by 2030. The NESG also projected that the service sector share could hit 54 per cent.

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