Ninety percent of Nigeria’s total population is generally poor.
Despite being packed with enormous natural resources and a massive population to support commerce, Nigeria’s poverty level remains unacceptable. Nigeria’s prevalence, extremely permeating poverty rate, and insecurity plaguing the country have been identified as a menace towards the country’s future, it will be a major challenge for the country’s next administration to address. This was revealed in the recent policy report released by the Institute for Governance and Economic Transformation (IGET), an independent think tank. A report by the National Bureau of Statistics (NBS) shows that, of the country’s population, 133 million people are multidimensionally poor.
The paper, titled “Nigeria’s Poverty Trap – And How to End It,” focuses on the root causes of poverty and offers 27 policy proposals to lift 100 million people out of poverty in the country within the next decade. Professor Kingsley Moghalu, President of IGET and a former Deputy Governor of the Central Bank of Nigeria, said that Nigeria has substantially failed its people, with half of the country’s inhabitants having a hard-living, adding that 90% of the population is typically impoverished.
Institute proposed political leaders, significant contributors collaboration.
In addition, Prof. Moghalu mentioned China and Rising Asia as an instance where over a billion people were lifted out of poverty while also contributing to the economic growth of the region in just 40 years. He believes Nigeria is also capable of making this progress as well. Major structural causes of poverty in Nigeria were identified in the IGET report penned by Prof. Moghalu and Dr. Damian Ude, an economist and research fellow at IGET. These causes include a lack of national sovereignty and democratic governance, unchecked population growth, gender discrimination, inadequate investments in education and healthcare, and crude oil failure to generate revenue.
IGET has proposed that Nigeria’s political leaders and significant contributors come together across party and sectarian lines to find solutions to the country’s pervasive poverty problem. The shared goal is to lift a hundred million people out of poverty. Given that GDP growth figures often sway policymakers and politicians without fully comprehending that many people are growing poorer, the suggested consensus and forces that powered it are highly crucial. According to the IGET report, it is imperative for the incoming government to commence working to establish the envisaged elite consensus.
Nigeria’s social protection scheme might cost N5-7 trillion annually.
As an alternative to social protection projects that future administrations may not maintain, the report suggests establishing a robust social security system for older Nigerians aged 65, supported by national legislation. In Nigeria, this demographic accounts for 5 million people. It also pointed out that the Federal Government of Nigeria could spend five to seven trillion Naira yearly on an efficient social protection scheme that would substantially decrease poverty if fiscal reforms were implemented to produce new savings and revenues and the cost of administration was drastically reduced.
By 2030, experts predict that Nigeria and the Democratic Republic of the Congo will account for around one-third of all the poorest people globally. It is well understood that dramatic growth in the youth population without enough training, employment, or other possibilities are a formula for a breakdown in social order and economic stability. Reports indicated that poverty rates and trends in Nigeria demonstrate the enormity of the issue significantly exceeds the government’s current capabilities to alleviate poverty.
Institute is devoted to studying and analyzing public policy.
The goal of IGET is to support African countries to increase their efficiency and effectiveness in governance by enhancing their understanding and application of public policy in the areas of sustainable development and inclusive growth, business and finance, and governance reform. Additionally, the institute conducts research and policy analysis, advocacy, training and executive education, and discussion forums. The think tank is led by Khalifa Muhammadu Sanusi II, who also serves as chairman of the organization’s worldwide Advisory Board.
Related Link
NBS: Website
The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.
Fact Checking Tool – Snopes.com
There’s no doubt about it that 70% percent of Nigerians is poor and living below poverty level but all government actions and what they say does not in any way reduce it because of corruption of the people at the helm of affair.
Nigerians are really walloowing in poverty one can just imagine so many families that cannot afford the basic necessities of life,it is so disheartening,the giveei needs to be proactive in order to provide solutions
The level of poverty in Nigeria is still intolerable, despite the fact that the country is rich in natural resources and has a sizable population to back up its economy.
It has been determined that the prevalence of poverty in Nigeria, the extremely pervasive poverty rate, and the insecurity that is plaguing the country are a threat to the future of the country.
Half of Nigerians are struggling to make ends meet, and most of the country’s other ninety million people are also living below the poverty line.
The failure of crude oil to generate cash, inadequate investment in education and healthcare, unregulated population expansion, and gender discrimination are all contributing factors.
Its good that IGET has urged that Nigeria’s political leaders and major contributors work together across party and sectarian lines to address the country’s pervasive poverty.
This rate of poverty in the country is not surprising giving how the economy is deteriorated and the decreasing value of Naira against dollar. Incoming administration has a lot of challenges to take on in order to better this country.
By implementing fiscal reforms to generate new savings and revenues and cutting the cost of administration, the Federal Government of Nigeria might spend a lot each year on an effective social security plan, therefore significantly reducing poverty.
If there is a sharp increase in the number of young people in a society without corresponding increases in opportunities for education, work, or other forms of gainful activity, social and economic instability are virtually certain outcomes.
The rate of poverty level in our country is really high due to how our economy is really poor our government need to do their possible best and new ideas how to move people from poverty to reduce it not increasing people are suffering
Plans to get 100m out of poverty has just been mere manifesto for a long time now. We’ve not seen any significant action to that effect. Nigeria still has intolerable levels of poverty despite having abundant natural resources and a sizable population to sustain trade.
When are we ever going to get this plan to alleviate people out of poverty. When is it ever going to happen. It’s just unfortunate st this point.
it is so disheartening, Nigerians need to be proactive in order to provide solutions in any way reduce it because of corruption.
Ninety percent of Nigeria’s total population is generally poor. The rate of poverty in Nigeria is over loading too much. Sometime i feel so sorry for people living in pains of poverty
A civilization is doomed to social and economic instability if its youth population rapidly expands without commensurate gains in access to education, employment, and other means of productive activity.
The majority of Nigeria’s ninety million people, including the other half of the country’s population, are poor, and half of the population is already having trouble making ends meet.
There are a number of issues that are contributing, including the inability of crude oil to generate revenue, inadequate investments in education and healthcare, unrestrained population growth, and gender discrimination.
The unfortunate thing is after all these research and discoveries a mischievous political leaders gets there and start scheming how he can loot more funds. The Buhari administration has successfully created more poverty and has enriched his brothers.
Our current administration headed by our president Buhari has successfully produced more poor homes rather than alleviating people from poverty . I will be great if the coming administration can implement the solutions based on the discoveries made.
The Federal Government of Nigeria could spend five to seven trillion Naira year on a successful social safety program that would significantly reduce poverty, according to the study.