Nigeria Emerges as Country With World’s 2nd-Largest Poor Population— Economist Yemi Kale.
Former Statistician-General of the National Bureau of Statistics (NBS), Yemi Kale, has revealed that about 89 million Nigerians representing 40 percent of the population live below the poverty line.
Kale, who now serves as Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.”
According to him, Nigeria ranks as the country with the second-highest number of poor people in the world, after India. “To grasp the magnitude of this number, fewer than 20 of the world’s 195 recognised countries even have a population larger than Nigeria’s estimated number of poor,” he said.
Kale attributed the situation to policy missteps and delays in implementing critical reforms, despite warning signs over a decade ago. He argued that earlier action could have reduced the fiscal and inflationary pressures households and businesses currently face. He also criticised prolonged monetary and exchange rate distortions, which he said eroded investor confidence and choked economic growth.
Commenting on the government’s recent reforms, Kale admitted they are harsh and painful but insisted they are unavoidable. “There is really no credible alternative. Consistent and integrity-driven execution of the reforms will turn Nigeria’s potential into real, broadly shared prosperity, impacting daily lives beyond statistics and speeches,” he said.
He stressed that reforms must be humane, well-sequenced, and supported with strong social protections to ease the burden on citizens. “The challenge is to ensure that the path of reform is as painless and socially just as possible,” he added.
Kale concluded that the government’s responsibility is not to avoid reforms which he described as inevitable but to sustain them while urgently strengthening welfare systems, ensuring the transformation benefits all Nigerians.
Former Statistician-General of the National Bureau of Statistics (NBS), Yemi Kale, has revealed that about 89 million Nigerians representing 40 percent of the population live below the poverty line.
Kale, who now serves as Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.”
According to him, Nigeria ranks as the country with the second-highest number of poor people in the world, after India. “To grasp the magnitude of this number, fewer than 20 of the world’s 195 recognised countries even have a population larger than Nigeria’s estimated number of poor,” he said.
Kale attributed the situation to policy missteps and delays in implementing critical reforms, despite warning signs over a decade ago. He argued that earlier action could have reduced the fiscal and inflationary pressures households and businesses currently face. He also criticised prolonged monetary and exchange rate distortions, which he said eroded investor confidence and choked economic growth.
Commenting on the government’s recent reforms, Kale admitted they are harsh and painful but insisted they are unavoidable. “There is really no credible alternative. Consistent and integrity-driven execution of the reforms will turn Nigeria’s potential into real, broadly shared prosperity, impacting daily lives beyond statistics and speeches,” he said.
He stressed that reforms must be humane, well-sequenced, and supported with strong social protections to ease the burden on citizens. “The challenge is to ensure that the path of reform is as painless and socially just as possible,” he added.
Kale concluded that the government’s responsibility is not to avoid reforms which he described as inevitable but to sustain them while urgently strengthening welfare systems, ensuring the transformation benefits all Nigerians.
Nigeria Emerges as Country With World’s 2nd-Largest Poor Population— Economist Yemi Kale.
Former Statistician-General of the National Bureau of Statistics (NBS), Yemi Kale, has revealed that about 89 million Nigerians representing 40 percent of the population live below the poverty line.
Kale, who now serves as Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.”
According to him, Nigeria ranks as the country with the second-highest number of poor people in the world, after India. “To grasp the magnitude of this number, fewer than 20 of the world’s 195 recognised countries even have a population larger than Nigeria’s estimated number of poor,” he said.
Kale attributed the situation to policy missteps and delays in implementing critical reforms, despite warning signs over a decade ago. He argued that earlier action could have reduced the fiscal and inflationary pressures households and businesses currently face. He also criticised prolonged monetary and exchange rate distortions, which he said eroded investor confidence and choked economic growth.
Commenting on the government’s recent reforms, Kale admitted they are harsh and painful but insisted they are unavoidable. “There is really no credible alternative. Consistent and integrity-driven execution of the reforms will turn Nigeria’s potential into real, broadly shared prosperity, impacting daily lives beyond statistics and speeches,” he said.
He stressed that reforms must be humane, well-sequenced, and supported with strong social protections to ease the burden on citizens. “The challenge is to ensure that the path of reform is as painless and socially just as possible,” he added.
Kale concluded that the government’s responsibility is not to avoid reforms which he described as inevitable but to sustain them while urgently strengthening welfare systems, ensuring the transformation benefits all Nigerians.
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