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Nigeria Overtakes India As Country With Highest Poverty Rate

A recent report has revealed that Nigeria is now the country with the largest number of people living in extreme poverty, taking over from India in the process.

With approximately 87 million Nigerians, which is roughly half of the country’s population, thought to be living on less than $1.90 a day. Despite her status as a top producer of oil, Nigeria is now the country with the highest number of poor people in the world

The research and results compiled by Nrookings institute, prove that over 643 million people across the globe live in abject poverty. Two-thirds of those 643 million people are Africans.
The researchers revealed that in Nigeria and other countries on the continent are likely to have an increase in the number of unemployed people. “By the end of 2018 in africa as a whole, there will be probably be 3.2 million people living in extreme poverty than there are today.”

CNN reports that despite being the largest oil producer in Africa, Nigeria has struggled to translate its resource wealth into rising living standards.
But while the numbers of Nigerians falling into extreme poverty grows by roughly six people every minute, poverty in India continues to decrease with an estimated 5.3% of Indians or 71.5 million people, now living below the poverty line.

The researchers note that 14 out of 18 countries where poverty is rising are in Africa, adding that if current rates persist, 90% of the world’s poorest will be living on the continent by 2030.
Bangladesh and Indonesia are the only other non-African nations to feature among the list of 10 worst affected countries, with an estimated 17 million and 14.2 million people living in extreme poverty, respectively.

Other nations in Africa to feature on the list of 10 worst affected countries, include the Democratic Republic of Congo, with 60 million people; Ethiopia with 23.9 million people; Tanzania with 19.9 million. Mozambique, with 17.8 million people; Kenya, with 14.7 million people; and Uganda, with 14.2 million.
Data compiled by the World Poverty Clock was drawn from both household surveys and new projections on country economic growth from the International Monetary Funds’ World Economic Outlook.

Researchers noted that between January 1, 2016 and July 2018, the world has seen about 83 million people escape extreme poverty, owing in part to the introduction of internationally agreed UN Sustainable Development Goals, intended to “end poverty” by 2030.
“The task of ending extreme poverty by 2030 is becoming inexorably harder because we are running out of time. We should celebrate our achievements, but increasingly sound the alarm that not enough is being done, especially in Africa,” the researchers say.

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