As of November 2022, the National Bureau of Statistics (NBS) says that 133 million Nigerians are multidimensionally poor. The published report noted that three out of five Nigerians live in poverty.
The Multidimensional Poverty Measure: Captures the percentage of households in a private country across three dimensions of well-being (monetary poverty, education, and basic infrastructure services) to provide a more complete picture of poverty.
Promises Made by Frontline Presidential Candidates to End Poverty in Nigeria
Peter Obi was quoted as saying: “I will not only stop corruption, but also eradicate poverty in every state in the federation because our young people will be properly cared for and will no longer travel outside the country in search of greener pastures..”
In Calabar, Tinubu was quoted as saying: “Let’s conquer hunger instead of letting hunger conquer us. So, let’s come together and make great wealth for the nation and our people.”
At the conclusion of his campaign, Atiku was quoted as saying: “So, today, we have unveiled the banner of our campaign to rescue Nigeria. To rescue Nigeria from famine, to rescue Nigeria from poverty…”
The sad reality: The real madness is that all of your favorite candidates only tell you what sounds pleasant to the ears and hopeful to the mind; the jazz that takes your votes.
The reality is that while it is possible to significantly reduce poverty in an economy, it is unlikely that it can be completely eradicated from any economy for a number of well-researched (and proven) reasons.
- Economic growth: While economic growth can lead to poverty reduction, it is not a guarantee that poverty will be eliminated. Even in economies experiencing strong growth, there will always be some individuals and families who will be left behind and continue to experience poverty.
- Inequality: Even in a growing economy, there will always be a distribution of wealth and income, and some people will have more resources than others. This can lead to a significant gap between rich and poor, which can result in poverty for some individuals and families.
- Structural factors: Certain groups of people may be more vulnerable to poverty due to structural factors such as discrimination, lack of access to education and job training, and limited opportunities for social mobility. These factors can make it difficult for certain people and communities to escape poverty, even in a strong economy.
- Unforeseen events: Unforeseen events, such as natural disasters, economic downturns or personal crises, can push previously stable individuals and families into poverty.
- Limited access to basic needs: Even in high-income countries, access to basic necessities such as health care, housing, and education can be limited, leading to poverty for some individuals and families.
In short, while it is possible to significantly reduce poverty through economic growth, structural change, and social protection policies, it is unlikely that poverty can be completely eradicated in an economy. This is because poverty is a multifaceted and complex problem, influenced by a variety of factors.
Prepare for disappointment in this regard, as no presidential candidate can totally eradicate poverty in Nigeria.
The Pulse editor comment is the point of view of a Pulse editor. It does not represent the views of the Pulse organization.