Poverty is now more pronounced in Nigeria than in India after persons in the Africa’s most populous nation living in extreme poverty crossed the 83 million mark in 2018, surpassing India’s number of extremely poor at 73 million.
This was the outcome of a finding which was disclosed in an article authored by Homi Kharas, Interim Vice President and Director – Global Economy and Development, Kristofer Hamel, Chief Operating Officer – World Data Lab and Martin Hofer, Research Analyst– World Data Lab.
According to the report, Nigerians living in extreme poverty is growing by six persons every minute – a statistics that showed steady rise in poverty rate in the country.
The study which implies that almost one of out every two persons living in Nigeria is now living in extreme poverty, indicated that India with population of 1.324 billion people compared to Nigeria’s 200 million people, is doing enough to combat poverty among citizens.
“According to our projections, Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018,” the article pointed out, adding that Democratic Republic of Congo– another African nation, trailed Nigeria on the World poverty index.
“At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million.
“What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall,” it added.
Projecting that the poverty rate in Africa will rise before the end of 2018, the report noted that “there will probably be about 3.2 million more people living in extreme poverty than there are today.”
The report explains that, “Africans account for about two-thirds of the world’s extreme poor and that If current trends persist, Africa will account for nine-tenths by 2030.
“Fourteen out of 18 countries in the world—where the number of extreme poor is rising—are in Africa.”
In a recent report, the International Monetary Fund (IMF) has noted that the country’s GDP per capital will continue to decline over the next eight years plunging the country further down the poverty ladder.
The major challenge has been the lack of political will by the government to initiate critical reforms that will free critical assets and propel economic growth.