Nigeria Now Ranks Second Globally in Number of Poor People – Yemi Kale Warns of Policy Failures

By Joseph Iyaji | Akahi News

Nigeria has officially become the country with the second-highest number of poor people in the world, with an estimated 89 million citizens – about 40% of the population – living below the poverty line, according to Yemi Kale, former Statistician-General of the National Bureau of Statistics (NBS).

Kale, who is now the Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the revelation at The Platform Nigeria’s Independence Day event, themed “Rebuilding Our Nation.”

Poverty Levels Comparable to Entire Countries

In his address, Kale explained that Nigeria’s poverty figures are staggering:

“To grasp the magnitude of this number, we can consider that fewer than 20 of the world’s 195 recognised countries even have a population larger than just Nigeria’s estimated number of poor,” he said.

The economist warned that these dynamics are compounding and pose a serious threat to the nation’s future, stressing that poverty undermines the very promise of independence.

Blame on Policy Missteps and Delays

According to Kale, much of the current crisis stems from policy missteps and costly delays in implementing crucial reforms. He noted that while some reforms are finally being introduced, many of them should have started over a decade ago when the warning signs were already evident.

“Instead, distortive monetary and exchange rate policies lingered, eroding investor confidence and choking off investment,” he said.

Reforms Are Painful but Necessary

Kale acknowledged that recent reforms, though harsh and difficult, are “absolutely necessary,” emphasising that there is no credible alternative. However, he cautioned that reforms must be executed with integrity and consistency, while also ensuring they are humane and socially just.

“The challenge is to ensure that the path of reform is as painless, humane, and well-sequenced as possible,” he explained.

He urged government leaders to urgently strengthen social protections to shield the most vulnerable households, arguing that without such measures, reforms would only deepen hardships for ordinary Nigerians.

Call for Balanced Transformation

Kale concluded that the real task for the government is not to avoid reforms but to sustain them responsibly while pursuing strategies that make prosperity more broadly shared.

Analysts told Akahi News that the statistics underscore Nigeria’s urgent need to prioritise poverty alleviation, job creation, and sustainable growth, as the gap between economic potential and the daily realities of citizens continues to widen.

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