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Economic inequality in Nigeria has reached extreme levels, despite being the largest economy in Africa. The country has an expanding economy with abundant human capital and the economic potential to lift millions out of poverty.So how can this happen? What makes Nigeria so unequal and how big is this inequality gap?Let’s look at the numbers: 5 millionThe combined wealth of Nigeria’s five richest men - $29.9 billion - could end extreme poverty at a national level yet 5 million face...

This was disclosed in World Bank’s Nigeria development update, titled, ‘Turning the Corner: From Reforms & Renewed Hope, to Results,’ on Wednesday.World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million.According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation.Advertisement“Sluggish growth and rising inflation have increased poverty from 40 percent in...

President Bola Tinubu’s agenda offers opportunity to boost growth and reduce hardship levels, says lenderHigh inflation helped push an additional 4mn Nigerians into poverty in the first five months of the year, with growth forecast to be too low to lift incomes in Africa’s largest economy, according to World Bank estimates. Annual inflation in Nigeria has been in double digits since 2016 and climbed to an almost two-decade high of 22.4 per cent last month on the back of soaring...