Nigeria Declared World Poverty Capital; Home to the World’s Poorest

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Shamfully, Nigeria has now taken over as the nation with the highest number of extremely poor people. This is according to a report by Brookings Institution. Before now, India used to hold the position with a population of 1.324 billion people as against Nigeria’s 200 million.

According to the report, the number of Nigerians in extreme poverty increases by six people every minute. The report read:

“According to our projections, Nigeria has already overtaken India as the country with the largest number of extremely poor in early 2018, and the Democratic Republic of  Congo could soon take over the number 2 spot. 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. In fact, by the end of 2018 in Africa as a whole, there will 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. 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 March, the International Monetary Fund had said  Nigerians are getting poorer  saying there is a need for coherent and comprehensive economic reforms.

Consequently, criticisms are raining on the President Muhammadu Buhari’s administration. In his reaction, former President Goodluck Jonathan’s media aide, Reno Omokri accused the president of being responsible for the economic woes of the country. In his words, Buhari  only came to turn the Nigerian dream into a nightmare.”

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