More Nigerians are living in poverty as a result of the country’s rising unemployment, according to the Nigerian Economic Summit Group (NESG).
NESG said this in its economic assessment for the first quarter of 2021, adding that the Nigerian economy is expanding at a very slow pace.
Part of the report reads , “Nigeria’s economic growth trajectory is better described as jobless and less inclusive even in the heydays of high growth regime in the 2000s.
“While the Nigerian economy recovered from recession in 2020Q4, unemployment rate spiked to its highest level ever at 33.3 percent in the same quarter.
“With the COVID-19 crisis heightening the rate of joblessness, many Nigerians are expected to fall into the poverty trap, going forward.”
The group noted that the World Bank estimated an increase in the number of poor Nigerians to 90 million in 2020 from 83 million in 2019.