It’ll take North 40 years to catch up with South-World Bank
•Inflation pushes eight million Nigerians into poverty in 2020, 2021
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.
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.
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.