The National Bureau of Statistics (NBS) puts the total number of Nigerians living below the poverty line at 40.1 percent (82.9 million).
In the latest survey conducted between September 2018 and October 2019 and published on Monday, four out of ten individuals in Africa’s largest economy have real per capital expenditures below N137,430 per year. Bringing the total number of Nigerians considered poor by national standard to 82.9 million during the period under review.
Nigeria’s population growth rate presently stood at about 2.6 percent, according to the United Nations statistics. However, the economic growth rate remained below population growth at 2.27 percent in 2019 as shown by the Gross Domestic Product report released earlier this year.
The NBS said 52.1 percent of the 82.9 million live in the rural area of the country while 18 percent lives in the urban area.
The report indicated that Sokoto, Taraba, Jigawa, Ebonyi, Zamfara, Yobe and Adamawa top the poorest states in the country.
The NBS said Sokoto State had 87.73 percent poverty headcount rate followed by Taraba with 87.73 percent, then Jigawa which has 87.02 percent and Ebonyi with 79.76 percent.
It disclosed that Lagos, Delta, Osun, Ogun, Oyo, Edo and Anambra States had the least in terms of poverty level.
In a report released by Bill and Melinda Gates Foundation in September 2018, 40 percent of the world’s poorest people will live in Nigeria and DR Congo by 2050 while the nation’s population is expected to surge to 429 million by 2050.
“By 2050, more than 40 percent of the extremely poor people in the world will live in just two countries: Democratic Republic of Congo and Nigeria,” the report stated.
“Investing in young people’s health and education is the best way for a country to unlock productivity and innovation; cut poverty, create opportunities and generate prosperity,” the report added.
However, with Nigeria’s crude oil largely unsold due to the COVID-19 pandemic and businesses complaining of declining profitability — with some banks planning to retrench as much 75 percent of their workforce — the nation’s poverty level is likely to surge, especially with the unemployment rate projected to increase from the current level of 23.1 percent to 30 percent by the end of this year.
