Friday, October 10, 2025
  • Who’sWho Africa AWARDS
  • About TimeAfrica Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » It’ll take North 40 years to catch up with South, says World Bank

It’ll take North 40 years to catch up with South, says World Bank

December 16, 2022
in Featured, News
0
543
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Abuja, Nigeria – The World Bank says it will take northern states 40 years to catch up with their southern counterparts considering the “current growth rates”.

The bank notes that low growth has deepened regional gaps with the mainstays of the northern economy – agriculture, solid minerals and manufacturing – not experiencing rapid growth in recent years.

The views are contained in Nigeria Country Economic Memorandum (CEM) the Bank released in Abuja yesterday, with participants joining online from different parts of the world.

This edition of the NDU draws on the analysis of a new World Bank Nigeria Report – the Nigeria Country Economic Memorandum (CEM). The CEM offers key insights into Nigeria’s growth record since 2000 and highlights key policy reforms to chart a new and inclusive growth path that boosts growth and accelerates job creation.

ReadAlso

President Tinubu Pardons Herbert Macaulay, Vatsa, Lawan, Grants Clemency to 82 Inmates

Uche Nnaji, Minister of Innovation, Science, and Technology Resigns

The 72-page document entitled, ‘Charting a New Course’, describes the main trends and drivers of growth and job creation and covers 2000 to 2021. It also outlines the key challenges and opportunities to speed up growth and create jobs, synthesising findings from recent analyses, including challenges and prospects in selected areas; while presenting policy options to sustain inclusive growth.

The report highlights the sharp gap between per capita levels of northern and southern states, saying, “the poverty rate is almost 20 times higher in Sokoto — the state with the highest poverty rate, at 87.7 per cent— compared to Lagos—the state with the lowest poverty rate, at 4.5 per cent” while quoting 2018/2019 data.

ADVERTISEMENT

It notes that it will take the country about a decade to get back to per capita income level recorded pre-2014, that is, before the oil price shock that triggered the 2016 recession.

According to the document, a comprehensive report on the country’s socioeconomic indicators and detailed explanations of the trends says the modest economic gains recorded during the structural reforms of 2000 to 2010 were wiped in the following decade when the reforms were discontinued.

“Despite its vast natural resources and a young, entrepreneurial population, development in Nigeria has stagnated over the last decade and the country is failing to keep up with the GDP growth of its peers. Declining private investment and demographic pressure push young Nigerians to pursue opportunities overseas.

“Nigeria was a rising growth star globally in the 2000s due to the implementation of several structural reforms in the context of rising oil prices. Yet, this fast growth was not accompanied by robust job creation.

“Between 2001 and 2010, Nigeria ranked among the top 15 fastest growing economies in the world, with an average annual growth rate of 8.2. However, the hard-won income gains from the 2000s evaporated between 2011 and 2021, due to the lack of deeper structural reforms, global shocks, conflicting macroeconomic policies, and increased insecurity percent,” it argues.

Identifying job creation as a potent option for accelerating poverty reduction and closing spatial inequality, the report urges the government to unlock the opportunities in private investment to create quality and sustainable jobs.

“To catalyse private investment and offer more opportunities to the youth, the priority is to restore and preserve macroeconomic stability, which has weakened in recent years due to conflicting monetary policy goals, over-reliance on oil exports, limited fiscal space and restrictive trade policies,” it adds even as it admits that oil remains the country’s economic “backbone.”

The CEM outlines policy options focused on enhancing macroeconomic stability and an overall business-enabling environment. Some of the recommendations are improving the exchange rate system, removing trade barriers, increasing non-oil revenues and tackling inflation, which it said has pushed an estimated eight million Nigerians into poverty between 2020 and 2021.

It also calls for strengthening the rule of law and social cohesion as well as enhancing the country’s competitiveness by addressing key constraints to private investment such as poor power supply, protectionist trade regulations, poor access to finance, and low digitalisation.

“While there is no silver bullet to accelerate growth, Nigeria can become a rising growth star again if it implements a comprehensive set of bold reforms in a timely manner,” the report assures.

By Geoff Iyatse The Guardian- Nigeria

Tags: NigeriaPovertyWorld Bank
ADVERTISEMENT
Previous Post

U.S.-Africa Leaders Summit concluded with bonhomie, $55 billion U.S. commitments

Next Post

To reduce its vulnerability to economic crisis, Nigeria has urgent choices to make, says World Bank

You MayAlso Like

News

President Tinubu Pardons Herbert Macaulay, Vatsa, Lawan, Grants Clemency to 82 Inmates

October 9, 2025
News

National Council of State Unanimously Approves Appointment of Professor Amupitan as INEC Chairman

October 9, 2025
News

Central African Republic become 46th member of AFC

October 8, 2025
News

Next Steps for African Energy: APPO Must Choose a Visionary Leader to Secure Its Future

October 8, 2025
Prince Harry watching an anti-poaching exercise in Malawi in 2019 during a royal tour of Africa to visit his charities (Getty)
News

Chad Cuts Ties with Charity Linked to Prince Harry

October 8, 2025
News

Sudanese militia leader convicted of war crimes

October 8, 2025
Next Post

To reduce its vulnerability to economic crisis, Nigeria has urgent choices to make, says World Bank

Scientists achieve Nuclear Fusion breakthrough with Blast of 192 Lasers, reproducing the power of the sun

Discussion about this post

Kingdom in Crisis: Ogwashi-Uku Rejects Obi’s Land Grab, Villages Ready to Declare Autonomy

Faked or Factual: UNN Contradictory Claims on Minister Uche Nnaji Certificate Raise Questions of Credibility

Woman appointed Archbishop of Canterbury 

A Minister of Lies?: Uche Nnaji’s Certificate Scandal and the Collapse of Credibility in Nigerian Governance

Certificate Scandal: University of Nigeria Declares Minister Uche Nnaji Never Graduated

Nigeria’s Anglican Church Rescinds Ties with Canterbury Amid Controversy Over ‘Pro-Gay’ Female Archbishop

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1242 shares
    Share 497 Tweet 311
  • Maids trafficked and sold to wealthy Saudis on black market

    1067 shares
    Share 427 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    974 shares
    Share 390 Tweet 244
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    905 shares
    Share 362 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

President Tinubu Pardons Herbert Macaulay, Vatsa, Lawan, Grants Clemency to 82 Inmates

October 9, 2025

National Council of State Unanimously Approves Appointment of Professor Amupitan as INEC Chairman

October 9, 2025

Central African Republic become 46th member of AFC

October 8, 2025

Next Steps for African Energy: APPO Must Choose a Visionary Leader to Secure Its Future

October 8, 2025

ABOUT US

Time Africa Magazine

TIMEAFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIMEAFRICA MAGAZINE biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About TimeAfrica Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.