Recently, the National Bureau of Statistics (NBS) published Nigeria’s Poverty and Inequality report for 2018-19. According to the report, 40.1% of the total population in Nigeria (excluding Borno state, whose survey was considered non-representative) live below the national poverty line of N137,430/year (less than $1/day).
This translates to about 82.9million poor Nigerians.
Specifically, the report showed that the poverty rate by national standards is more pronounced in the rural area at 52.1% while the poverty rate stood at 18.04% in the urban area.
Looking ahead, national poverty outlook in 2020 is grim. Certainly, with the outbreak of the coronavirus, which has devastated many economies around the world, especially oil exporters such as Nigeria, the incidence of poverty will worsen in 2020.
Many households at the bottom of the national pyramid will be further pressured as the devastating impact of the crude oil price crash, and further currency adjustment worsens general price level, amid job losses.
To better the lots of the 82 million Nigerians below the $1 per day classification and reduce the poverty rate in the country over the long run, government efforts must be focused on investment in healthcare, education and expanding economic opportunities for Nigerians via huge investment in infrastructure, technology, agriculture and other far-reaching economic policies.
United Capital Plc Research