{"id":192805,"date":"2022-06-02T14:40:30","date_gmt":"2022-06-02T13:40:30","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=192805"},"modified":"2022-06-02T14:40:30","modified_gmt":"2022-06-02T13:40:30","slug":"world-bank-nigeria-can-leverage-trade-for-poverty-reduction-with-right-policies","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/02\/world-bank-nigeria-can-leverage-trade-for-poverty-reduction-with-right-policies\/","title":{"rendered":"World Bank: Nigeria can leverage trade for poverty reduction with right policies"},"content":{"rendered":"<p>The World Bank has stated that the\u00a0Russia-Ukraine war, COVID-19 pandemic, and rising inflation pose challenges to Nigeria&#8217;s poverty reduction goals.<\/p>\n<p>This was made known by World Bank economists,\u00a0Jonathan Lain and Jakob Engel in a recent <a href=\"https:\/\/blogs.worldbank.org\/africacan\/barriers-trade-barriers-poverty-reduction-how-nigeria-can-harness-trade-lift-people-out\" target=\"_blank\" rel=\"noopener\">blog post.<\/a><\/p>\n<p>The Washington-based institution, however, said trade could be a vital solution.<\/p>\n<p>It said through its effects on investment, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/05\/27\/63-million-technology-devices-sold-in-nigeria-yearly-ncc\/\">technology<\/a> transfer, and competition, trade can help growth \u2014 boosting job creation, increasing domestic value-added, and reducing the price of goods that Nigerians buy along the way.<\/p>\n<p>\u201cNigeria\u2019s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge,\u201d the bank said.<\/p>\n<p>\u201cEven before COVID-19, four in 10 Nigerians lived below the national poverty line \u2013 some 80 million people.<\/p>\n<p>\u201cThe global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine \u2013 combined with relentless population growth \u2013 have made Nigeria\u2019s poverty-reduction goals more challenging than ever.<\/p>\n<p>\u201cIn Nigeria, many policies limit trade; the country is not unique in this regard, as protectionist policies have been on the rise the world over and the ongoing war in Ukraine could intensify this.<\/p>\n<p>\u201cThroughout the past two decades, import bans, tariffs, and foreign exchange restrictions have all curbed the flow of goods into Nigeria.<\/p>\n<p>\u201cThese restrictive policies culminated in Nigeria closing its land border for more than a year in August 2019. Nigeria is also currently negotiating the terms of its participation in the African Continental Free Trade Agreement (AfCFTA); therefore, discussions of trade policy are very topical.\u201d<\/p>\n<p>According to the World Bank, specific government policies may therefore be needed if the gains of trade liberalisation are to be reaped in Nigeria.<\/p>\n<p>It recommended the provision of social protection to support those households whose wellbeing is under threat.<\/p>\n<p>It also advised the government to implement deeper reforms such as improving interstate labour mobility and helping workers reskill themselves for sectors in which jobs and incomes benefit from greater exposure to international markets.<\/p>\n<p>\u201cAlso, broader reforms that foster sustainable growth and share its proceeds to poor and vulnerable Nigerians could help those households that might lose out if trade is liberalized; these include macroeconomic reforms that diversify the economy away from oil, spur structural transformation, and boost wage job creation as well as investment in infrastructure to help households access markets and economic opportunities,\u201d the bank said.<\/p>\n<p>\u201cWith the right mix of complementary policies, Nigeria can take advantage of trade as a pathway to poverty reduction.\u201d<\/p>\n<p>In June 2021, President Muhammadu Buhari launched a steering committee on\u00a0national poverty reduction with growth strategy (NPRGS).<\/p>\n<p>He said the committee will address his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has stated that the\u00a0Russia-Ukraine war, COVID-19 pandemic, and rising inflation pose challenges to Nigeria&#8217;s poverty reduction goals. This was made known by World Bank economists,\u00a0Jonathan Lain and Jakob Engel in a recent blog post. The Washington-based institution, however, said trade could be a vital solution. It said through its effects on investment, [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":153054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[3258,39120,31016,4522],"class_list":["post-192805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-covid-19-pandemic","tag-rising-inflation","tag-russia-ukraine-war","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank: Nigeria can leverage trade for poverty reduction with right policies<\/title>\n<meta name=\"description\" content=\"The World Bank has stated that the\u00a0Russia-Ukraine war, COVID-19 pandemic, and rising inflation pose challenges to Nigeria&#039;s poverty reduction goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/02\/world-bank-nigeria-can-leverage-trade-for-poverty-reduction-with-right-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank: Nigeria can leverage trade for poverty reduction with right policies\" \/>\n<meta property=\"og:description\" content=\"The World Bank has stated that the\u00a0Russia-Ukraine war, COVID-19 pandemic, and rising inflation pose challenges to Nigeria&#039;s poverty reduction goals. 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