Nigeria’s Poverty Level Still High Despite Economic Growth – IMF

Lanre Oyetade, Group Business Editor - 16.02.2008

The International Monetary Fund (IMF) has stated that poverty level is still high in Nigeria despite the sound economic growth attained by the country in recent times.

The Fund, while making this declaration after its Article IV consultation with the country, which was concluded on Wednesday, said: “Poverty remains high (in Nigeria) despite several years of solid growth.”

According to the Fund in a statement sent to our correspondent on Friday, the country’s poverty level “is estimated at about 55 percent based on the 2004 household survey and development indicators .”

It, however, agreed that the authorities are making efforts to achieve the Millennium Development Goals (MDGs) and “have established targeted programs financed, for example, through a virtual poverty fund with debt relief resources.”

The Fund further stated that the country’s economic performance had been strong since the last Article IV consultation, adding, “Output has grown strongly, inflation reduced to single digits, and the external and fiscal positions strengthened significantly.”