You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Poverty is much lower in urban areas (12.6%) than in rural areas (44.9%), and the urban poverty reduction dynamic is much stronger. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The firm however, promised to create about 10,000 jobs to Nigerians and urged the federal government to expedite actions towards supporting indigenous manufacturers in local capacity building for the Steel Industry in the country.Yusuf said: “The Steel Industry being a very important integral part of the nation’s economy necessary for speedy economic growth and socio-infrastructural development, there is need for government to focus more on the sector, recognize and declare Iron and Steel as national products to boots our foreign exchange earnings in the face of dwindling price of Oil in the global market. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. The Ministry Solicits the support of all stakeholders’ especially metal sector operators in order to realize this.Chairperson of KAM Holding, Dr. Iyadunni Bolanle Yusuf, stated that the Federal Government must deploy its machinery to support local manufacturers in their bids to survive and grow.Without much effort, Yusuf said Nigeria may not be able to address poverty, unemployment and insecurity among other social vices.The firm, however, promised to create about 10,000 jobs to Nigerians and urged the federal government to expedite actions towards supporting indigenous manufacturers in local capacity building for the Steel Industry in the country.Yusuf said: “The Steel Industry being a very important integral part of the nation’s economy necessary for speedy economic growth and socio-infrastructural development, there is need for government to focus more on the sector, recognize and declare Iron and Steel as national products to boots our foreign exchange earnings in the face of dwindling price of Oil in the global market.“Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation and we hope that the Federal Government shall continue to provide the enabling environment and support for continuing the actualization of the vision of the highly committed Nigerian behind this project.”Check your inbox or spam folder to confirm your subscription. Menu. Nigeria’s economic freedom score is 57.2, making its economy the 116th freest in the 2020 Index. Thank you for participating in this survey! GDP per capita (current US$) - Nigeria from The World Bank: Data. Its overall score has decreased by 0.1 point, reflecting a decline in the fiscal health score.
While the South of Nigeria has relatively low poverty rates, ranging from 16% in the South West to 28.8% in the South East, poverty rates in the North West and North East are 45.9% and 50.2%, respectively. Will you take two minutes to complete a brief survey that will help us to improve our website? While the South of Nigeria (especially the South West) has experienced a strong positive dynamic in poverty reduction in recent years, the poverty rate in the North West has remained stagnant, while poverty has actually increased in the North East.