Recently, President Buhari revealed his 10-year target of lifting at least 100 million Nigerians out of poverty. Notably, a Brookings Institution report in 2018 hinted that Nigeria has outpaced India as the poverty capital of the world, putting the number at c.87 million compared with India’s 73 million.
Unarguably, the alleviation of such an alarming level of poverty in the country should be a major concern to any committed leader with the best interest of his/her people at heart. However, the major question that comes to the mind is, how? If the experience from China or India is anything to go by, then this is not an impossible task.
If the Nigerian government is committed, then deliberate effort must be put in motion in major sectors with the capacity to generate millions of jobs, as observed in the telecom and financial industry in the mid-2000s. This effort must resolve the issue of epileptic power supply to allow businesses to cut down the unnecessary cost of energy, boost productivity and employment.
Again, the badly needed reforms in the oil & gas sector must be implemented to boost foreign direct investment (FDI) that can exploit not just the oil-wealth, but the massive gas reserve.
Finally, Nigeria must mechanize agriculture and invest heavily in road, rail and storage infrastructure as well as fix the congestion at the ports.
United Capital Research