In its latest Nigeria Development Update report released on Thursday in Abuja, the World Bank disclosed that over 129 million Nigerians currently live below the poverty line. This figure marks a sharp increase from 40.1% in 2018 to 56% in 2024.
The report stated, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line is estimated to have risen sharply from 40.1% to 56.0%.
Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.”
Read also
- How vision boards can transform your business goals
- Lagos rail expansion set to boost small businesses, entrepreneurs
- Ekiti agro-business farmers gain boost with L-PRES cluster initiative
- Niger State agriculture generates over N600b in 2024
- SMEDAN unveils #StartWithSMEDAN to boost small businesses
In line with the World Bank’s findings, the National Bureau of Statistics (NBS) released its Premium Motor Spirit (Petrol) Price Watch for September 2024, showing that the average retail price for petrol was N1030.46 per liter. This represents a 64.55% increase compared to the price recorded in September 2023 (N626.21).
The NBS report also indicated that, compared to the previous month (August 2024), the average retail price rose by 24.08% from N830.46. Katsina State recorded the highest average price at N1096.15 per liter, followed by Ebonyi (N1090.94) and Akwa Ibom (N1085.71). In contrast, Yobe, Sokoto, and Kebbi States had the lowest average prices at N939.38, N961.67, and N986.67, respectively.
Regionally, the North-West Zone reported the highest average price at N1036.52, while the North-East Zone recorded the lowest at N1014.55. Data for the report was collected from sample outlets across 774 local government areas in all 36 states and the Federal Capital Territory, Abuja.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
