BREAKING: “26% of People in Active Labour Force in Nigeria Live Above Poverty Line,’ World Bank Shares
The percentage of Nigerians with fulfilling jobs and who are above the poverty line is 26%.
The Country Director of the World Bank, Dr. Ndiame Diop, made the disclosure as a speaker at the Distinguished Personality Lecture titled “Leveraging Agricultural Transformation for Sustainable Development in Nigeria: Key Considerations”, organized by the Department of Agricultural Economics, University of Ibadan.
Nigerian minister graces event
The event, chaired by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, had in attendance the Vice-Chancellor of the University of Ibadan, Professor Kayode Omobowale, along with heads of organisations in agricultural research institutions.
It afforded the World Bank Director the opportunity to extol the resilience of Nigerians but he advised the country to stabilise the polity to achieve the desired greatness.
Dr. Diop stated that in four years (2019–2023), Nigeria recorded a 40-million increase in its working population but could only generate 5.5 million jobs, adding that this did not necessarily guarantee poverty eradication even for those who have jobs.
Deliberate transformation is key
Emphasising that an increase in agricultural productivity is a veritable antidote to poverty, the World Bank Country Director advised the Nigerian Government to make deliberate efforts to transform the country’s agricultural sector because,
“If there is no transformation, it will be difficult to create more formal jobs to fight poverty. So, it is really important to prioritise agricultural transformation as a springboard to broaden this economic transformation.”
Better business environment through good policy
Dr. Diop contended that it is not enough to prioritise agricultural productivity to fight poverty but also to create a conducive business environment for other non-agricultural businesses to thrive.
This is because more investment in agriculture through mechanised farming reduces job opportunities in that sector.
“You need to look at the economy as a system. As you implement policies to increase agricultural productivity, you also need to improve the business environment and promote investment in other sectors so that as agricultural productivity increases, people will find jobs in the non-agricultural sectors.”
Dr. Diop emphasised favourable policy as an enabler to “accelerated agricultural productivity.”
He said:
“If you don’t have political stability, the transformation will be slow. Beyond that, a very sound policy that will increase agricultural productivity is critical. A comprehensive policy will enable us to accelerate growth in both sectors.”
Nigeria is the hope of Africa
The World Bank Director maintained that Nigeria holds the key to making Africa great, stressing that if the continent must be great, it lies in the greatness of Nigeria.
He reiterated that capacity, resilience, and elimination of impossibility reside in Nigerians, all of which they deploy if they are determined to achieve a goal.
“The success of Nigeria is the success of Africa. If Nigeria succeeds, Africa will succeed. The country has enough resources; the only thing is that individuals have ambitions.”
Nigerian government is proactive in job creation
In his keynote address, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, stressed that before now, Nigeria had suffered decades of poor investment, which the current administration is working to address through innovation in agriculture and non-agriculture sectors as well.
“Our innovation-driven policies are steadily moving our agriculture towards mechanization, agro-industrialization, and global market integration through improved line budgeting, infrastructure investment, access to better financing, and public-private sector synergy.
“The incremental success of these policies is evident in the latest National Bureau of Statistics report, which shows encouraging signs for our economy and the agriculture sector. With GDP growth of 3.84% in Q4 2024—surpassing the 3.46% recorded in Q4 2023 and Q3 2024—we are witnessing the fruits of President Bola Ahmed Tinubu’s bold economic reforms.”
The Minister of Budget and Economic Planning, Senator Bagudu, called for partnership among government agencies, academia, and the private sector to confront the challenges of job creation.
“I call for collective action among the government, academia, private sector, and development partners to turn challenges into opportunities…the Q4 2024 GDP results confirm we are on the right path, but complacency is not an option. Through the aggressive implementation of the Renewed Hope agenda.”
Soludo bans clergymen from preaching in marketplaces
Earlier, Legit.ng reported that Anambra state governor, Professor Chukwuma Soludo, had taken a firm stance against roadside preachers using loudspeakers in public spaces, particularly markets, labelling their activities as a source of noise pollution and public disturbance.
The governor announced that violators of the state’s noise pollution regulations would face a hefty fine of ₦500,000.
