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Opinion: Why Nigeria is ranked the highest country with people living in extreme poverty.

Extreme poverty, is the most severe type of poverty, defined by the United Nations as a condition characterised by severe deprivation of basic human needs including food, safe drinking water, sanitation facilities, health, shelter, education and information

It depends not only on income but also on access to services.

The National Bureau of Statistics released the 2019 poverty and inequality in Nigeria report, which highlighted that 40 percent of the total population, or almost 83 million people, live below the country poverty of 137,340 naira ($ 381.75). Bloomberg Africa also gave similar report

This statistics is shocking because Nigeria is a country blessed with vast human and natural resources mostly oil. Countries with less human and natural resources like South Korea and Japan are among the best economies in the world, while Nigeria government with vast human and natural resources at is disposal is bereft of ideas to drive the economy forward.

The reasons for this can be divided into 3

1. Corruption

2. Unemployment

3. Reliance solely on oil

1. Corruption : Corruption is present in everyday lives if Nigeria including business, government and the society in general.

Corruption has eaten deep into every facets of the system to the extent that it is almost a normal way of life. For instance, most contractors usually bride those in charge of awarding contracts before they can get the contract.

Also Revenue got from oil sales are not properly channeled to the right sections of the economy.

2. Unemployment rate : Unemployment is another reason for the extreme poverty in Nigeria. As Nigeria has a high unemployment rate and when a person is jobless, he cannot afford basic necessities of life, this also leads to extreme poverty rate.

3. Reliance solely on oil : Nigeria relies solely on oil sales and oil prices flunctuates from time to time in the world oil markets. If the oil prices is reduced drastically it will have a damaging effect on the economy, which in turn leads to loss of jobs and negative effects on the economy which in turn leads to extreme poverty rate

What is your take on this.

Content created and supplied by: JARIKRE (via Opera News )

Bloomberg Africa National Bureau of Statistics Nigeria United Nations

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