Nigeria now has the world’s second-largest population living in poverty, with nearly 89 million citizens affected, according to Yemi Kale, former Statistician-General of the National Bureau of Statistics (NBS).
At the Independence Day event in Lagos, Yemi Kale, Group Chief Economist at Afreximbank, mentioned the alarming rise in poverty across the country. He revealed that approximately 40 percent of Nigerians live below the poverty line, an increase that places Nigeria just behind India in global rankings. Kale pointed out that Nigeria’s poor population surpasses the total population of most countries worldwide.
He linked the crisis to years of delayed reforms and policy mistakes that have stalled economic progress, leaving millions vulnerable to inflationary pressures and financial shocks.
Many of these corrective measures should have been implemented over ten years ago, when the early warning signs were already clear – Kale
According to Kale, the failure to act promptly dampened investor confidence, hampered economic growth, and placed job creation plans at risk.
Kale urge the government to ensure that reform strategies balance economic restructuring with humane considerations to cushion the most affected citizens. He emphasized that consistent and transparent execution is key for turning the vast economic potential of the country into a shared prosperity for all.
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