Economic crisis 2016 is already in Nigeria! What are the reasons of it? What does UN say about this in its report? All the latest economic news is here! Do not miss it!
UN, The United Nations, has created some gloomy pictures, which show Nigeria’s current economy situation, describing it as the poorest country and most unequal among other ones of the world with 64% of its people, who live below poverty line. In Awka the information about the economic crisis 2016 was contained in a brief report, which was presented during a short consultative meeting on the UNDAF IV formulation (UN Development Assistance Framework IV) for the South East geo-political region.
So according to the brief report hunger and poverty, unfortunately, have still remained at high level in rural regions, remote communities and also among female. They permeate the six geo-political zones, with predominance in the range of from about 46.9 percent in the southwest to 74.3 per cent in the North-west of country and also north-east.
The report also showed that youth’s unemployment rose to 42% this year. It continues to create despair and helplessness resulting into upsurge in terrorism and different crimes. It claimed that over 10 million children, who are already school age, do not go to school and get no knowledge or skills at home.
There also was information that in Nigeria about 37% of children, who are younger than five years old are already stunted, 18 percent of them are totally wasted, 29% are underweight and only about 10% of children with 6-23 months age are fed appropriately using the instructions and tips, recommended for infant and young kids feeding practices.
The report claims that Nigeria’s revenue has already fallen as much as 33%. It resulted in the contraction of the GDP, Gross Domestic Product already in the first season of 2016.
The United Nations report concludes saying that Nigerian economic problems are based on the lack of good governance and also the division of different Nigerian ethnic lines. UN report has recommended our country to adopt a strict, radical approach to achieve the fastest transformation using investing in Nigerian people and also much more inclusive and dynamic productive informal sector. Nigeria needs the development of programs that could provide proper governance, security and peace for people.
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