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SUB-SAHARAN AFRICA
A World Bank and UNICEF report has revealed that despite global progress in reducing extreme child poverty, Sub-Saharan Africa has recorded no improvement in the last decade, with over half of children in the region still living below the poverty line.
Nigeria, despite being the largest economy and most populous country in Sub-Saharan Africa (SSA), has not established itself as a significant source of foreign direct investment (FDI) or remittances in the region.
Sub-Saharan Africa now accounts for nearly 59% of all terrorism-related deaths globally, despite ongoing efforts by member states to combat the menace.
Sub-Saharan Africa is grappling with a growing education crisis fueled by chronic underfunding and inequitable spending, both domestically and internationally.
The European Union (EU) has allocated €510 million to Nigeria and other Sub-Saharan African nations as part of its €1.9 billion humanitarian assistance package for 2025.
The World Bank has stated that the number of people living in poverty in the Sub-Saharan Africa region nearly doubled between 1990 and now.
The World Bank said on Monday it had lowered its economic growth forecast for sub-Saharan Africa this year to 3% from 3.4% mainly due to the destruction of Sudan’s economy in a civil war.
The United Nations has revealed that the high rate of girls dropping out of school in sub-Saharan Africa is leading to a staggering economic loss of approximately $210 billion annually.
Reports indicate that around 62 million young people in 2023 were neither involved in employment, education or training (NEET) equating to 25.9% of the youth population, up from 22.2% in 2013.
The International Monetary Fund (IMF) has downgraded Nigeria’s real GDP growth in 2024 from 3.3% in its earlier projection in April to 3.1%.
The World Bank has highlighted factors that could lead to a decline in remittance inflow to Nigeria and other countries in the Sub-Saharan Africa region (SSA).
Nigeria, a dominant player and economy in Sub-Saharan Africa (SSA), fell behind eight other SSA countries in attracting private infrastructure investment commitments in 2023.