National Bureau Says 82.9 Million People Living in Poverty in Nigeria

• National Bureau Says 82.9 Million People Living in Poverty in Nigeria

The National Bureau of Statistics (NBS) puts the total number of Nigerians living below the poverty line at 40.1 percent or 82.9 million.

In the latest survey conducted between September 2018 and October 2019 but published on Monday 4, 2020, four out of ten individuals in Africa’s largest economy have real per capital expenditures below N137,430 per year. Bringing the total number of Nigerians considered poor by national standard to 82.9 million during the period under review.

Nigeria’s population growth rate presently stood at about 2.6 percent, according to the United Nations statistics. However, the economic growth rate remained below population growth at 2.27 percent in 2019 as shown by the Gross Domestic Product report released earlier this year.

The NBS said 52.1 percent of the 82.9 million live in the rural area of the country while 18 percent lives in the urban area.

In a report released by Bill and Melinda Gates Foundation in September 2018, 40 percent of the world’s poorest people will live in Nigeria and DR Congo by 2050 while the nation’s population is expected to surge to 429 million by 2050.

“By 2050, more than 40 percent of the extremely poor people in the world will live in just two countries: Democratic Republic of Congo and Nigeria,” the report stated.

“Investing in young people’s health and education is the best way for a country to unlock productivity and innovation; cut poverty, create opportunities and generate prosperity,” the report added.

In 2018, when the former UK Prime Minister, Theresa May, visited Africa’s most populous nation, she said: “Much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy. Yet 87 million Nigerians live on less than $1.90 a day, making it home to more very poor people than any other nation in the world.”

She further stated that “Africa is home to the majority of the world’s fragile states and a quarter of the world’s displaced people.”

“Extremist groups such as Boko Haram and al-Shabab are killing thousands. Africa’s ocean economy, three times the size of its landmass, is under threat from plastic waste and other pollution. Most of the world’s poorest people are Africans and increasing wealth has brought rising inequality, both between and within nations,” she added.

However, with Nigeria’s crude oil largely unsold due to the COVID-19 pandemic and businesses complaining of declining profitability — with some banks planning to retrench as much 75 percent of their workforce — the nation’s poverty level is likely to surge, especially with the unemployment rate projected to increase from the current level of 23.1 percent to 30 percent by the end of this year.