Nigeria rated among World's poorest countries

World Bank Group has rated
Nigeria among the world’s
extremely poor countries like
India, China, Bangladesh, DR
Congo, Indonesia .
World Bank President,stated that
the global bank would deal with
the extreme poverty in Nigeria
and its counterparts in the
coming years.
He also said that the plan would
not make other countries in the
world to be ignored.
Chat212 - Mail News... Report
The World Bank Group has rated Nigeria among
the world’s extremely poor countries, promising to
assist in ending what it called ‘extreme poverty’ in
the nations.
Other countries that were also rated as extremely
poor are India, China, Bangladesh, DR Congo,
Indonesia, Pakistan, Tanzania, Ethiopia and Kenya.
At the Council on Foreign Relations (CFR) in
Washington on Wednesday, in advance of the World
Bank/IMF Spring Meetings, World Bank President,
Dr Jim Yong Kim, stated that the global bank would
deal with the extreme poverty in Nigeria and its
counterparts in the coming years.
Ending Extreme Poverty By 2030
He said: “The fact is that two-thirds of the world’s
extreme poor are concentrated in just five
countries: India, China, Nigeria, Bangladesh, and
the Democratic Republic of Congo. If you add
another five countries, Indonesia, Pakistan,
Tanzania, Ethiopia, and Kenya, the total grows to
80 per cent of the extreme poor.”
Dr Kim stressed that the World Bank Group would
focus on Nigeria and other nine countries, but
emphasised that the plan would not make other
countries in the world to be ignored.
“We will have a strategy that ensures that no
country is left behind, as we move toward the
target of ending extreme poverty by 2030,″ he said.
The World Bank President also announced a series
of measures aimed at strengthening the World
Bank Group to better meet the evolving needs of
clients, including a $100 billion increase in the
lending capacity of the Bank’s lending arm for
middle-income countries over the next decade.
According to Dr. Kim, this new innovations in
financial management, and a boost in the
institution’s ability to provide private sector support
follows the record $52 billion replenishment of IDA,
the World Bank’s fund for the poorest, in December
2013.
Kim also outlined how the Bank was positioning
itself to better achieve its goals of ending extreme
poverty by 2030 and boosting shared prosperity for
the lowest 40 per cent in developing countries.
“We now have the capacity to nearly double our
annual lending to middle-income countries from
$15 billion to $26 to $28 billion a year. This means
that the World Bank’s lending capacity will
increase by $100 billion to roughly $300 billion
over the next ten years.
“This is in addition to the largest IDA
replenishment in history, with $52 billion in grants
and concessional loans to support the poorest
countries,” he said.