After a thorough assessment of the impact of rampaging COVID-19 pandemic on the economies of developing countries at the weekend, the World Bank has predicted that an estimated 95.7 million Nigerians would be joining the “extremely poor club” across the globe by 2022.
The report, released recently, indicated that without the COVID-19 outbreak, 90 million Nigerians were already predicted to live in extreme poverty of less than a dollar per day but that the dreaded disease has pushed additional six million people into the number.
The bank said: “With real per capita GDP growth forecast to be negative in all sectors in 2020, poverty will deepen for the current poor, while those households that were just above the poverty line prior to the COVID-19 crisis will fall into poverty.
“Were the crisis not to have hit (the counterfactual scenario), the poverty headcount rate would be forecast to remain virtually unchanged, with the number of poor people set to rise from 82.9 million today to 85.2 million in 2020 and 90.0 million in 2022 due to natural population growth.
“Given the effects of the crisis, however, the national poverty headcount rate is instead forecast to jump from 40.1 percent today to 42.5 percent in 2020 and 42.9 percent in 2022, implying that the number of poor people will be 90.2 million in 2020 and 95.7 million in 2022.