Nigeria has toppled India as the World’s poverty capital. In a data released by World Capital Clock on October 31, 2018, a population of 88,012,764 Nigerians lives in extreme poverty! This represents about 44.4% of Nigeria’s population out of a total of 198,434,121.
In comparison, India, whose population is about six (6) times that of Nigeria, now has only 4.7% poverty rate within the same time. India’s population is projected as 1,363,336,404. Indian’s poverty escape rate as at the time of filing this report is 41.2 per minute, whereas Nigeria has about 5.5 persons going into extreme poverty status every minute! This means that while each minute 41 persons escape extreme poverty in India, and about 6 persons slip into extreme poverty in Nigeria.
Nigeria isn’t doing much better in the ratings when compared with some other African countries. While the current escape rate of Togo - a small African nation, is -0.3 per minute, Nigeria comes with an abysmal rate of -5.5 per minute. This mean that each minute, more persons slip into extreme poverty in Nigeria, compared to Togo, according to a report by World Poverty Clock released October 31, 2018.
This alarming report is coming despite Nigeria’s huge natural resources and human capital. The UN’s Sustainable Development Goals that seeks to overcome World Extreme Poverty seems to be faltering in Nigeria, despite efforts to rid her of corruption, a situation that has plagued the country and impoverished the nation’s citizenry. Every administration has promised to reverse corruption and its effects, but the impact on lifting people out of poverty doesn’t seem to be in the positive direction, going by these data.
The World Poverty Clock uses publicly available data on income distribution, production, and consumption, provided by various international organizations, most notably the UN, WorldBank, and the International Monetary Fund. These organizations compile data provided to them by governments in each country. In a few cases, governments fail to provide data. We use models to estimate poverty in these countries. Our data covers 99.7% of the world’s population. We also model how individual incomes might change over time, using IMF growth forecasts for the medium-term complemented by long-term “shared socio-economic pathways” developed by the Institute of International Applied Systems Analysis near Vienna, Austria, and similar analysis developed by the OECD.
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