$10tr needed to end poverty in Nigeria, others, says ILO

 

About $10 trillion would be needed to end poverty in Nigeria and other countries across the globe by the year 2030, the International Labour Organisation  (ILO),  has said.

The world body  said  the global deficit in quality jobs and deteriorating economic conditions in a number of regions across the world threaten to undermine decades of progress in poverty reduction.

In its report on World Employment and Social Outlook (WESO) 2016, the ILO warned that developed countries are now at risk as relative poverty is on the increase in those countries.

According to the report, over 36 per cent of the emerging and the developing world live in poverty and on a daily income of less than $3.10.

The report said persistent poverty, cannot be solved by income transfers alone; but through the creation of more  better jobs which are crucial to achieving the goal of poverty eradication.

It estimated that almost a third of the extremely, or moderately poor in developing economies have jobs which are vulnerable in nature.

It said further that they are sometimes unpaid, concentrated in low-skilled occupations and, in the absence of social protection, rely almost exclusively on labour income.

ILO said futher that among developed countries, more workers have wage and salaried employment which does not stop them from falling into poverty.

Speaking on the report, ILO Director-General, Guy Ryder, said: “Clearly, the Sustainable Development Goal of ending poverty in all its forms everywhere by 2030 is at risk. If we are serious about the 2030 agenda and want to finally put an end to the scourge of poverty perpetuating across generations, then we must focus on the quality of jobs in all nations.”

Its Special Advisor on Social and Economic Issues, Raymond Torres, lamented that currently, while 30 per cent of the world is poor, they only hold two per cent of gobal income.

He said: “Only through deliberately improving the quality of employment for those who have jobs and creating new decent work, will we provide a durable exit from precarious living conditions and improve livelihoods for the working poor and their families.

“This finding tells us that it is past time to reflect on the responsibility of rich nations and individuals in the perpetuation of poverty. Accepting the status quo is not an option,”

According to the report, high levels of income inequality reduce the impact of economic growth on poverty reduction.

The ILO estimates that poverty reduction would come after a sustained period of global progress, with the share of population living in extreme poverty falling from 46.9 per cent in 1990 to just under 15 per cent among 107 emerging and developing countries.