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Business Why Abject Poverty & Inequality Persist in Nigeria, Other African countries - Lagarde



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Christine Lagarde, Managing Director of the International Monetary Fund (IMF), in an interview with the Guardian says new oil discovery would harm Nigeria's economy.

"The longer term prognosis is for oil prices to decline as new oil and gas resources are exploited, most notably in the United States. Such a scenario would have implications for many countries, including Nigeria," she says.

She also explains why abject poverty and inequality persist in many African countries, Nigeria inclusive, in spite posting impressive growth rates.

"Indeed, growth rates in many African countries have been robust, and the overall outlook for the continent remains positive. There has been real progress and the number of people living in poverty has actually fallen considerably since 1990. However, poverty and inequality levels remain unacceptably high.

"There are various reasons why there has not been more progress. Some countries are still facing internal conflict or suffer from droughts or climate change. Others are struggling from weak governance, inadequate infrastructure, and of course the challenge of creating the right jobs for a rapidly growing youth population.

"Three crucial policy priorities can help African countries in particular: building infrastructure, building institutions, and building people. Good infrastructure - energy, roads, and technology grids – is the foundation for any sustainable economy. Africa must also strengthen its institutional and governance frameworks in order to better manage its vast resources. And, of course, focus should also be put on building the capacity of Africa’s greatest resource—its people—with programs aimed at boosting health and education and other essential social services, particularly for the poorest in each country.

#Guardian #Nigeria #IMF #Africa