A report by the United Nations Development Programme, UNDP, says poverty is hindering development in the West African region, affecting millions of people who live below the poverty line.
The World Bank in 2021 estimated that an additional 29 million people in sub -Saharan Africa were pushed into extreme poverty due to COVID-19.
The report which counted large informal economy, weak social protection systems, Unfavourable business climate and inability to enforce regulations, hinder activities and formulation of the sector, energy crisis, as some of the attributes aggravating welfare in the region.
UNDP’s Senior Economic Adviser, Dr. Tony Muhumuza, who presented the report on the floor of the first ordinary session of the sixth Legislature of the ECOWAS Parliament in Abuja, said, the poorest 40 percent only receive 18 percent of income while the richest 10 take 30 percent of income.
He said Nigeria as the largest and most populous country in Africa, was severely affected by Covid 19 which contracted the country’s GDP by 1.8 percent in 2020, raised unemployment rate to 33.3percent and pushed an estimated 7million Nigerian into poverty.
Debates on poverty and inequality in West Africa followed with parliamentarians baring their minds on the situation and how it affects their Constituents.
It is believed that innovation and digital transformation, young people, reliable energy, dynamic interests, and skill requirements for workforce transition are some of the drivers of change.
END
