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Nigeria’s GDP Per Head To fall For 8 Straight Years - IMF

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Nigerians will see their real income per head fall every year until at least 2023, according to forecasts by the IMF, a potentially painful squeeze for a country with per capita gross domestic product of just $1,994. 

If realised, Africa’s most-populous country — projected to have almost 400m people by 2050, behind only India and China — will suffer at least eight straight years of declining income per capita 

“If the IMF is right that would obviously be awful, a very depressing result,” said John Ashbourne, Africa economist at Capital Economics, a consultancy. 

“They have a very rapidly growing population. If they are not able to diversify their economy faster than they have before, a huge number of these people will end up being trapped either in agriculture or low-skilled service jobs.” 

The IMF Fund is now calling for urgent action to stem falling living standards and to tackle poverty now, rather than later.

For more details,  click here to read the FT article

 

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