New report claims almost 12% of people living in abject poverty are in Nigeria

A recently released report on world poverty index has revealed that almost 12 percent of people living in abject poverty are to be found in Nigeria, climbing from 11 percent in 2022.

The result of the study by
research expert, Doris Dokua Sasu, who covers society and agricultural topics for Africa, particularly Ghana and Nigeria, also estimates that poverty index the world over is likely to rise to 422 million by 2025.

In the study result published on November 2 on www.statista.com, statistical figures show that between 2016 and 2023, Nigeria’s share of the global poverty line rose from about nine to 11 percent with the possibility of a further rise.

The study also noted that apart from rising rates of youth unemployment, the monthly living wage for individuals and families in Nigeria plummeted between 2015 and 2020 and is still going down hill.

And considering the rate of inflation in the country, this could be two times higher because of the high level of poverty, unemployment, underemployment, and absence of social safety net, it said.

Read also: JUST IN: NBS says 133m Nigerians now live in poverty

The report adds that due to the current situation, a large proportion of the population were suffering from one form of social, health, or mental challenge, including depression or other forms of ailment occasioned by acute inflationary trends prevailing in the land.

“With excruciating pain and pangs of anguish, Nigerians are facing the daunting economic situation facing them in recent times with equanimity, anger, frustration, or sadness, depending on who was throwing the hat into the ring of challenge”, it posited.

Statistics show that the headwinds of want and deprivation have pushed most Nigerian families below the poverty line while many have relapsed into different levels of depression as they battle for survival without a visible solution in sight, the report stated.

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