ILO says Nigeria and other countries require $10trn to eradicate poverty by 2030

Not less than $10 trillion will be needed between now and 2030 to eradicate poverty in Nigeria and other developing countries; so says the International Labour Organization, ILO.

According to the organization, over 36% of the emerging and developing countries live in poverty – on a daily income of less than US$ 3.10 purchasing power parity, PPP.

In its new report on
World Employment and Social Outlook, WESO, 2016- Transforming Jobs to End Poverty- the ILO found that some $600bn a year or nearly $10trn in total of over 15 years was needed to eradicate extreme poverty on a global scale, by 2030.

According to ILO, the global deficit in quality jobs and deteriorating economic conditions in a number of regions threatened to undo decades of progress in poverty reduction.

It warned that developed countries were now inclusive, saying relative poverty was on the increase, even in developed countries. The report concluded that the problem of persistent poverty could not be solved by income transfers alone; adding that more and better jobs were crucial to achieving this goal.

While the ILO estimated that almost a third of the extremely or moderately poor in developing economies had jobs; it said their employment was vulnerable in nature because they were sometimes unpaid, concentrated in low-skilled occupations and, in the absence of social protection, rely almost exclusively on labour income.

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