By Victor Ahiuma-Young, reporting from Geneva, Switzerland

GENEVA—THE International Labour Organisation, ILO, has said not less than $10 trillion will be needed between now and 2030 to eradicate poverty in Nigeria and other developing countries.

According to ILO, over 36 per cent 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, ILO found that some US$ 600 billion a year or nearly US$10 trillion in total of over 15 years was needed to eradicate extreme2 – and moderate3 poverty globally 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 poverty1 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.ILO estimated that almost a third of the extremely or moderately poor in developing economies had jobs.

However, ILO 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.