The World Bank has revealed that over 70 million Nigerian adults live in Poverty, with Jigawa state having the highest the percentage of poor people.
World Bank Lead Economist, Mr John Litwack, speaking at the media launch of the Nigeria Economic Report (NER) on Monday in Abuja, stated that poverty rates remain high particularly in rural area.
In the report, it was noted that Lagos state had the lowest poverty rate of 22.9 per cent while Jigawa had the highest at 77.5 per cent. The report further showed that poverty is concentrated more in the Northern part of the country as against the South West where the rate of poverty is lowest.
“Enhanced cooperation among the federal and state governments can successfully address all these issues, thereby unlocking enormous potential for growth, job creation, and improvement in the welfare of Nigerian citizens,” the report said.
Litwack said that to attract foreign investors, it was important that government also tackle the problems of market connectivity and infrastructural deficit.
“Investors with the potential to set up large scale operations and create jobs will be reluctant to do so if they cannot service a large market. Under these conditions, a number of Nigerian states have limited opportunities to attract significant investors,” he said.