The United Nations,UN, has painted a gloomy picture of Nigeria’s current economy, describing it as the poorest and most unequal among countries of the world with 64% of her population living below poverty line.
This was contained in a report read during a consultative meeting on the formulation of the UN Development Assistance Framework IV (UNDAF IV) for the South East geo-political zone in Awka.
According to the report, Poverty and hunger have remained high in rural areas, remote communities and among female – headed households and these cut across the six geo-political zones, with prevalence ranging from approximately 46.9 percent in the South West to 74.3 percent in North West and North East.
The report also noted that unemployment among youths which rose to 42% in 2016 has continued to create helplessness and despair resulting into upsurge in crime and terrorism.
It also stated that over 10 million Nigerian children of school age are out of school with no knowledge or skills.
“In Nigeria, 37% of children under five years old were stunted, 18 percent wasted, 29% underweight and overall, only 10% of children aged 6-23 months are fed appropriately based on recommended infant and young children feeding practices.”
It estimates Nigeria’s revenue to have fallen as much as 33%, which it says resulted in the contraction of the Gross Domestic Product (GDP) in the first three months of 2016.
The UN report concludes by saying that the country’s economic problems is as a result of lack of good governance and what it calls the division of Nigeria along ethnic lines.
The report recommended that Nigeria adopt a radical approach to achieve transformation, by investing in people and a more dynamic and inclusive productive informal sector.
Adding that development of programmes which would address good governance, peace and security be adopted.