Forty per cent of Nigeria’s population are leaving in poverty on less than $1.90 a day, a new report from the world bank has shown.
The report which also highlighted Nigeria’s economic strength noted that except there are long-term reforms the figure could get higher.
The report titled, ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’, published on its website pointed out that Nigeria requires macroeconomic reforms including fiscal, trade, and exchange rate policy; policies to boost the productivity of farm and non-farm household enterprises among others.
The report, which represents the culmination of the World Bank’s engagement on poverty and inequality-relevant data and analytics in Nigeria in the past two years, brings together the latest evidence on the profile and drivers of poverty in Nigeria.
It states that these reforms, together could help diversify the economy, invigorate structural transformation, create good, productive jobs, and support social protection programs as well as other redistributive government policies.
The report emphasizes that these reforms are urgent as Nigeria’s population continues to grow.
It said, “now is the time to ensure that the country seizes the promise of its young people for economic prosperity.
“Many Nigerians, especially in the country’s north lack education and access to basic infrastructure, such as electricity, safe drinking water, and improved sanitation. As many as 4 in 10 Nigerians live below the national poverty line,” it stated.
It added that shaping the specifics of Nigeria’s poverty-reducing policies will depend strongly on redoubling efforts to gather and analyze data regularly.
Commenting on the report, Tara Vishwanath, World Bank Lead Economist and co-author of the report noted that as conflict is spreading and intensifying across Nigeria, it is important to implement programs to support poor and vulnerable Nigerians that are simple and flexible while also limiting the risk of exacerbating fragility and conflict.
“Data can provide vital guidance on how to design, monitor, and evaluate pro-poor projects and programs, giving a voice to poor and vulnerable Nigerians” added Jonathan Lain, World Bank Economist and co-author of the report.
The report further notes that jobs do not translate Nigerians’ hard work into an exit from poverty, as most workers are engaged in small-scale household farm and non-farm enterprises; just 17 percent of Nigerian workers hold the wage jobs best able to lift people out of poverty.
“The report adds that climate and conflict shocks, which disproportionately affect Nigeria’s poor are multiplying, and their effects have been compounded by COVID-19; yet government support for households is scant.
“Households have adopted dangerous coping strategies, including reducing education and scaling back food consumption, which could have negative long-run consequences for their human capital.”
Shubham Chaudhuri, World Bank Country Director for Nigeria said,“It is clear that much needs to be done to help lift millions of Nigerians out of poverty, including boosting health and education, bolstering productive jobs, and expanding social protection.
“Yet implementing pro-poor initiatives requires unlocking fiscal space; reforming expensive subsidies including fuel subsidies will be essential, alongside countervailing measures to protect the poor as reforms are effected.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...