More Nigerians Set To Be Poor, Lose Their Jobs As Two Global Banks Close Nigerian Offices

This is a trying time for Nigeria and a time to make the big decision on who should be the president of the country in 2019, as more things fall apart under the Muhammadu Buhari presidency, poverty, corruption, insecurity on the increase and the government failure to curb the dangerous trends.
Global banking giant HSBC and UBS, a Swiss private bank, have closed their representative offices in Nigeria.

The Central Bank of Nigeria (CBN) announced this in a report on Friday. The report did not state why the banks closed shop.

UBS opened its doors in Nigeria in mid-2014 to “connect prospective clients with its offshore centers in Switzerland, the UK, Dubai and Singapore, where dedicated client advisers offer personalised service and full access to the bank’s vast global resources”.

The apex bank revealed that foreign direct investment in Nigeria fell to N379.84 billion in the first six months of 2018, compared to N532.63 billion recorded in 2017.

Reuters reports that investor confidence in Africa’s biggest economy has been shaken since the CBN got entangled in an alleged illegal repatriation of funds battle with telecom giant, MTN Nigeria. Recall also that HSBC had predicted doom for the Nigerian economy should President Muhammadu Buhari wins in the forthcoming 2019 general election.

The number of Nigerians living in extreme poverty — or below $1.90 a day has jumped to 88 million.

Recall that in June 2018, the Brookings Institution named Nigeria as the poverty capital of the world, with 86.9 million extremely poor people.

Nigeria overtook India as the world poverty capital, despite being six times smaller in population than the Asian country.

According to the World Poverty Clock, created by Vienna-based World Data Lab, 88,011,759 Nigerians are currently living in extreme poverty.

The World Bank, IMF, United Nations, and major development institutions across the world forecast that Nigeria will not hit the 2030 target for ending global poverty.

The Bill and Melinda Gates Foundation also suggests that West Africa, primarily, Nigeria will host 40 percent of the world’s poorest people by 2030.



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