{"id":1414,"date":"2026-10-26T14:02:06","date_gmt":"2026-10-26T14:02:06","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/26\/nigeria-needs-9-annual-growth-to-reduce-poverty-soludo\/"},"modified":"2026-10-26T14:02:06","modified_gmt":"2026-10-26T14:02:06","slug":"nigeria-needs-9-annual-growth-to-reduce-poverty-soludo","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/26\/nigeria-needs-9-annual-growth-to-reduce-poverty-soludo\/","title":{"rendered":"Nigeria needs 9% annual growth to reduce poverty \u2013 Soludo"},"content":{"rendered":"
\"Chukwuma<\/p>\n

Governor Chukwuma Soludo of Anambra says Nigeria needs an annual economic growth of at least nine per cent to significantly reduce poverty and create jobs.<\/p>\n

He made the assertion at the Nigerian Economic Summit 32 (NES32) with the theme \u201cGrowth that Works: Delivering Jobs, Productivity and Shared Prosperity\u201d in Abuja on Monday.<\/p>\n

He said that Nigeria\u2019s current growth rate of about four per cent remained inadequate to achieve rapid poverty reduction and employment generation.<\/p>\n

The governor also said that Nigeria would require an annual growth of at least 12 per cent to achieve a one-trillion-dollar economy by 2030 or 2040.<\/p>\n

He added that the country\u2019s investment rate, estimated at 17 to 20 per cent, must rise significantly to support the required economic expansion.<\/p>\n

Soludo cautioned against being misled by large nominal spending figures, saying that consolidated public expenditure across all government levels amounted to less than one dollar per person daily.<\/p>\n

He stressed the need to channel national savings into productive investments, capable of expanding economic output, creating jobs and improving living standards.<\/p>\n

He called for stronger coordination between the federal government, states and local governments, noting that subnational authorities accounted for a substantial share of public spending.<\/p>\n

According to him, effective collaboration is essential to maximise the impact of government policies and investments across the country.<\/p>\n

Soludo cited Anambra\u2019s free education programme, which covers kindergarten through secondary school, as an example of interventions delivering measurable social benefits.<\/p>\n

He said that the state had reduced its out-of-school children rate from 2.5 per cent to 0.25 per cent.<\/p>\n

He also cited a recent Oxford and United Nations Development Programme (UNDP) report which reportedly placed Anambra\u2019s multidimensional poverty rate at 9.6 per cent.<\/p>\n

Soludo said that reducing food prices required structural reforms to address post-harvest losses, which he put at about 43 per cent of agricultural output.<\/p>\n

He said that improving storage, transportation and distribution systems would help to move food from farms to urban markets and reduce consumer prices.<\/p>\n

The governor, therefore, urged governments to strengthen sectoral collaboration and mobilise investments to accelerate economic growth.<\/p>\n

Soludo also called for policies that encourage exports, develop domestic value chains and promote investment in sectors where Nigeria has competitive advantages.<\/p>\n

He emphasised that stronger private-sector participation and productive investments were essential to generating sustainable jobs and ensuring that economic growth benefitted more Nigerians. (NAN<\/a>)<\/p>\n

The post Nigeria needs 9% annual growth to reduce poverty \u2013 Soludo<\/a> appeared first on Vanguard News<\/a>.<\/p>\n<\/div>\n

Source: <\/p>\n

Vanguard News<\/div>\n","protected":false},"excerpt":{"rendered":"

Governor Chukwuma Soludo of Anambra says Nigeria needs an annual economic growth of at least nine per cent to significantly reduce poverty and create jobs. He made the assertion at… <\/p>\n","protected":false},"author":1,"featured_media":1415,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=1414"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/1414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/1415"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=1414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=1414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=1414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}