Abuja – The figures published by the statistics office on Monday showed that forty per cent of people in Nigeria live below poverty level, highlighting the low levels of wealth in a country that has Africa’s biggest economy, Reuters reported on Monday.
The National Bureau of Statistics (NBS), in a report about poverty and inequality from September 2018 to October 2019, said 40 per cent of people in the continent’s most populous country lived below its poverty line of 137,430 naira ($381.75) per year. It said that represents 82.9 million people.
Nigeria is the top oil exporter in Africa, which has helped to create wealth related to crude sales that account for more than half of government revenue. But a failure to diversify the economy and build much needed transport and power infrastructure has stymied growth and the spread of wealth beyond a rich elite.
Rapid population growth outstrips economic growth, which stands at around two per cent. The United Nations estimates that Nigeria will have a population of 400 million by 2050.
Nigeria was already struggling to shake off the impact of a 2016 recession before the new coronavirus pandemic hit economies worldwide.
“In Nigeria 40.1 per cent of total population were classified as poor. In other words, on average four out of 10 individuals in Nigeria has real per capita expenditures below 137,430 naira per year,” it said.
The statistics office said it did not include Borno, the state worst hit by the decade-long Boko Haram insurgency, because many areas there were not safe to reach.
A total of nearly eight million people need humanitarian assistance across Borno and two neighbouring states affected by the insurgency, according to the United Nations.
The NBS said it had changed its methodology for its study, so the figures could not be compared with previous reports on the same subject covering 2003-2004 and 2009-2010
