Figure Of Extremely Poor Nigerians Rises To 93.7 Million

An estimated 6.8 million Nigerians have slipped into extreme poverty in just 12 months, according to the World Poverty Clock. The body yesterday said that 93,720,530 people in Nigeria now live in extreme poverty. It was first revealed in June 2018 that Nigeria had overtaken India as the nation with the highest number of people living in extreme poverty across the world, with an estimated 86.9 million Nigerians measured to be living on less than $1.90 (N684) a day.

According to new data from the World Poverty Clock, a web tool produced by World Data Lab, that figure has increased to 93.7 million in June 2019. 4.5 Nigerians slip into extreme poverty every minute with 47.7 per cent of Nigeria’s estimated 196.5 million people affected. This figure has risen from the 44.2 per cent of the total population that was recorded in June 2018.

According to the World Bank, a person can be said to be living in extreme poverty if they live below the poverty line of $1.90 which translates to N693.5 per day. This means that more than half of Nigeria’s population live on less than a dollar a day.

In June 2018, the World Poverty Clock named Nigeria the poverty capital of the world. In its assessment last year, the World Data Lab noted that the outlook for poverty alleviation in Nigeria is weak, and that an estimated 120 million Nigerians are expected to slip into extreme poverty by 2030.

“If current economic trends persist, we forecast that between 2018 and 2030 real GDP growth (2.15 per cent per annum) will be unable to keep up with population growth, resulting in an average annual growth of GDP per capita of less than zero,” the organisation noted.

World Poverty Clock provides real-time poverty estimates until 2030 for almost every country in the world, monitoring progress against ending extreme poverty which is the United Nation’s first sustainable development goal. According to its methodology, the World Poverty Clock uses publicly available data on income distribution, production, and consumption, provided by various international organizations, most notably the UN, World Bank, and the International Monetary Fund.

These organizations compile data provided to them by governments in each country. In the few cases when governments fail to provide data, the agency uses models to estimate poverty in affected countries. The agency’s data covers 99.7% of the world’s population.

For Nigeria, the general household survey (GHS) from 2012/2013 is used, rather than the harmonised Nigeria living standards survey, because it is more recent and believed to be of higher quality.with statistics showing 87 million people live in poverty.

The latest numbers indicate that since June 2018, four million Nigerians have joined the poverty club occasioned by factors such as unemployment, insecurity, among others.