The level of poverty in Nigeria has risen so much that it is one of the five countries in which half of the poorest people in the world can be found, according to a new study by the World Bank.

The report, ‘Piecing Together the Poverty Puzzle’, said of the 736 million extreme poor in 2015, 368 million—half of the total—lived in just five countries, which it itemised in descending order to include India, Nigeria, Democratic Republic of Congo, Ethiopia, and Bangladesh.

Interestingly, three of these countries are in sub-Saharan Africa and the other two are in South Asia, and they are deemed to be the most populous countries in their respective regions, which account for 85 percent of the world’s poor, the report says.

“They also happen to be the most populous countries of South Asia and sub-Saharan Africa, the two regions that together account for 85 percent (629 million) of the world’s poor.

“Therefore, to make significant continued progress towards the global target of reducing extreme poverty (those living on less than $1.90 a day) to less than 3 percent by 2030, large reductions in poverty in these five countries will be crucial,” the report stated.

Nigeria, the most populous country in sub-Saharan Africa overtook India last year as the country with the highest number of extremely poor people, according to the Brookings Institution. The report had it that the number of Nigerians in extreme poverty increases by six people every minute.

The report went on to project that Nigeria had already overtaken India as the country with the largest number of extremely poor in early 2018, and that the Democratic Republic of Congo was at the number 2 spot.

The report said: “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.”

The Brookings report further said that by the end of 2018 in Africa as a whole, there would probably be about 3.2 million more people living in extreme poverty than there is today.

“Africans account for about two-thirds of the world’s extreme poor and if current trends persist, Africa will account for nine-tenths by 2030.”

It added: “Fourteen out of 18 countries in the world—where the number of extreme poor is rising—are in Africa.”

In March, the International Monetary Fund had said Nigerians were getting poorer, saying there was a need for coherent and comprehensive economic reforms.

Nigeria’s economy remains fragile at 1.8 percent GDP and still smarting from a five quarter recession that brought the economy to its knees. The prospect for growth remains tied to its oil fortunes now, which is having a topsy turvy ride from fluctuation in oil prices now hovering around $50, above the benchmark of the 2019 federal budget.

The economy is likely to be further challenged in the next few months as voters file out this February to vote for the next president.

Characteristically, governance and government business, which is the biggest part of the economy, will witness reduced activity, raising the spectre of deceleration.

The World Bank report notes that while poverty rate is likely to fall in other regions, the reverse will be the case in Nigeria and the other sub-Saharan countries afflicted with extreme poverty.

It further encouraged the world to pursue a more inclusive poverty reduction policy that would have countries like Nigeria enjoy the benefits come 2030.

•Sourced from a Daily Independent report

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