Nigeria Has Second-Highest Number of Poor People in the World – Ex-NBS Chief

Nigeria is now home to one of the largest populations of poor people in the world, with about 89 million citizens living below the poverty line. This figure, according to former statistician-general of the National Bureau of Statistics (NBS), Yemi Kale, makes Nigeria the country with the second-highest number of poor people globally, only behind India.

Kale, who is now the group chief economist at Afreximbank, shared this sobering revelation during his speech at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.” 

He explained that the number represents about 40 percent of Nigeria’s population, stressing that the scale of poverty in the country is alarming.

“To put this in perspective, fewer than 20 countries in the world even have a total population larger than the number of poor people in Nigeria alone,” Kale said.

Why Poverty Keeps Rising

Kale blamed the worsening poverty situation on delayed reforms and poor economic policies over the years. 

He argued that many of the policies Nigeria is only implementing now should have started over a decade ago when warning signs were already visible.

He explained that if reforms had been introduced earlier, the pressure on households and businesses would have been much less severe, and the country would not be facing the current depth of hardship.

The economist also criticised policies around monetary and exchange rates, saying they created uncertainty, discouraged investors, and weakened the economy.

Reforms: Painful but Necessary

While acknowledging that some of the government’s recent reforms are tough and painful, Kale noted that they are unavoidable if Nigeria is to recover.

“There is really no credible alternative,” he said, but added that reforms must be consistent, humane, and carefully planned to avoid worsening people’s suffering.

He cautioned that reform measures often fail in Nigeria because they are not implemented with enough care, leading to unnecessary hardships for citizens.

Government’s Role in Protecting Citizens

Kale stressed that reforms are not optional for Nigeria, but the government must also strengthen social protection systems to reduce the impact on vulnerable groups. 

According to him, reforming the economy without protecting citizens would leave millions at risk and make growth unsustainable.

He urged the government to balance economic adjustments with policies that ensure fairness and justice, so that the benefits of reform can be widely shared.

“Together, these trends threaten the very promise of independence – that every Nigerian should have the opportunity to thrive at home,” he warned.

World Bank’s Warning

Kale’s warning comes as the World Bank also predicts that poverty in Nigeria could rise by 3.6% points by 2027, driven by weak oil revenues, poor governance, and economic vulnerabilities. 

Although Nigeria’s non-oil sector has shown some growth, the World Bank says it is unlikely to lift millions out of poverty due to persistent fiscal and structural problems.