Nigeria needs 9% annual growth to reduce poverty, Soludo says

Anambra Governor Chukwuma Soludo told the Nigerian Economic Summit 32 in Abuja that Nigeria needs annual growth of at least 9% to significantly reduce poverty and create jobs, compared with about 4% currently. He said growth of 12% a year would be needed to build a one-trillion-dollar economy by 2030 or 2040, and that the current investment rate of 17% to 20% must rise. Soludo called for stronger coordination among levels of government and more productive investment, citing Anambra’s free education programme, which reduced the out-of-school children rate from 2.5% to 0.25%. He also urged reforms to tackle post-harvest losses, estimated at 43% of agricultural output, by improving storage, transport and distribution.