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.
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