Nigeria has the highest population of poverty stricken people, a new report has found. Nigeria has overtaken India as the country with the largest number of people living in abject poverty. According to the reports, about 87 Million Nigerians are classified as poor.
The reports, which were compiled by Brookings Institute –an American research group, were based on the projections of the World Poverty Clock. The reports indicate that almost half of the Nigerian population is believed to live on less than $1.90 every day. It further reports that most of the poorest people in the world live in Africa.
In Nigeria, the World Poverty Clock further projects that this number of very poor people would increase in the coming years. “By the end of 2018 in Africa as a whole, there will be probably be about 3.2 million more people living in extreme poverty that there are today,” according to the researchers at the Brookings Institute.
India used to be at the top of the extreme poverty rankings, it was adjudged to be so because of the high population of the country and not the incompetence of its people. According to these new findings, 71.5 million people live below the poverty line in India. This is about 5.3% of the Indian population. This is a drastic reduction in poverty while there is a significant increase in Nigeria where about six people cross below the poverty line every minute.
Nigeria has failed to turn its natural mineral resources into a better standard of living for its citizens. The country remains the largest oil producing country in Africa and one of the largest oil producing nations of the world. Nigeria slid into an economic recession in 2016 after there was a significant dip in oil prices. The current administration has thus declared that the country has climbed out of recession but the masses are yet to enjoy the benefits.
There has been a significant rise in oil prices and this must have helped Nigeria climb out of recession. In March, the International Monetary Fund acknowledged the progress that Nigeria had made but stressed that a lot more should be done to reduce unemployment and address poverty. William Gates, the richest man in the world also encouraged the Nigerian government to invest in its people. He made this admonition when he visited Nigeria earlier in the year.