According to the latest data from the World Poverty Clock, Nigeria is grappling with a severe poverty crisis, with an estimated 70.92 million of its citizens living in extreme poverty. This staggering figure accounts for 11% of the world’s extremely poor population, meaning approximately one in every ten people living in extreme poverty globally resides in Nigeria.
This alarming statistic was highlighted by Professor Sulaiman Adesina Yusuf of the Department of Agriculture Economics at the University of Ibadan during a public lecture in Abuja. The event, organized by the Federal Cares Unit of the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program, shed light on Nigeria’s precarious position on the global poverty and hunger indexes.
Nigeria’s troubling ranking of 163 out of 191 countries in the 2021 Human Development Index (HDI) and 109 out of 125 countries in the 2023 Global Hunger Index underscores the gravity of the situation. Professor Yusuf expressed deep concern over these rankings, emphasizing that such a position is unacceptable for a nation aspiring to compete on the global stage. He urged policymakers to take immediate action.
The National Bureau of Statistics (NBS) had previously reported that over 133 million Nigerians are multi-dimensionally poor, further reinforcing the urgent need for intervention. Despite efforts by successive administrations to fund poverty alleviation programs, Professor Yusuf identified a lack of political will as a significant barrier to effectively addressing the crisis.
To combat this escalating issue, he advocated for the passage of the Social Protection Bill, aiming to secure political commitment for social protection at both federal and state levels. This move would realign resource allocation, scaling up social protection initiatives crucial for poverty reduction.
According to a report by The Guardian, Echoing these sentiments, the Minister of Budget and Economic Planning, Atiku Bagudu, acknowledged the critical work being done by NG-CARES in poverty alleviation. He highlighted the current administration’s commitment to this cause, referencing President Tinubu’s recent directive for a comprehensive review of the national social protection scheme.
Despite progress made, Bagudu emphasized the need for continued and intensified efforts. He reassured that the federal government is dedicated to deploying all available resources and power to reverse the distressing poverty trends in Nigeria.
The situation in Nigeria poses a significant challenge, calling for concerted efforts from all sectors to address the deep-rooted issues of poverty and hunger. The discussions at the public lecture and the data presented serve as a crucial call to action for policymakers, stakeholders, and the international community to work collaboratively towards effective and sustainable solutions.
