Amanze Chinonye
Former Statistician-General of the National Bureau of Statistics (NBS), Dr. Yemi Kale, has warned that Nigeria is now home to one of the world’s largest concentrations of poor people, with millions slipping into hardship as reforms reshape the economy.
Speaking in Lagos on Wednesday at the Afreximbank Annual Event, Kale said about 89 million Nigerians roughly 40 percent of the population live below the poverty line, placing the country second only to India in absolute poverty numbers.
He attributed the surge to policy missteps, naira devaluation, rapid population growth, and prolonged high inflation, which exceeded 34 percent in 2024 and weakened household incomes.
Join our WhatsApp ChannelWhile acknowledging reforms such as fuel subsidy removal and foreign exchange liberalisation, Kale stressed they must be sequenced carefully and supported with safety nets to avoid worsening inequality.
READ ALSO: Kale Clarifies Iweala’s ‘Stable Economy’ Comment Amid Rising Public Anger
The Paradox Of Nigeria’s GDP Growth And Deepening Poverty
He outlined five structural priorities to lift citizens out of poverty: urgent investments in infrastructure and energy; industrialisation to move beyond crude oil dependence; trade and competition reforms to create a fairer business environment; expansion of welfare nets; and disciplined, well-sequenced implementation to prevent policy reversals.
According to him, reforms that ignore these fundamentals risk “causing unnecessary pain without delivering real change.” Analysts say his warning underscores the dilemma policymakers face: sustaining reforms for long-term stability while protecting households from immediate shocks.
For Nigeria, Kale argued, the choice is not between reform and no reform, but between reforms that reduce poverty and those that risk deepening it.
His remarks highlight the stakes for Africa’s largest economy unless growth is matched with inclusive policies, millions more Nigerians could be locked into a cycle of poverty despite ongoing reforms.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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