The 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, has expressed dissatisfaction over Nigeria’s high poverty rate, calling for structural reforms to cushion its effects on Nigerians.
In a post on X (formerly Twitter) on Thursday, Obi decried the situation, noting that while politicians scramble for positions and vie for control of party structures — often sharing posts even before elections are concluded — a harsh truth confronts the nation — a staggering 62% of Nigerians, about 141 million people, are trapped in poverty.
“This alarming statistic indicates that more than half of our population is living in dire conditions. While other nations are lifting millions out of hardship, Nigeria is regressing,” he lamented.
Obi referenced the World Bank data, stating that the number of Nigerians living in poverty surged from 81 million in 2019 to approximately 139 million in 2025. He also noted that from 2023 to 2024, the number of impoverished Nigerians jumped from 115 million to 129 million — an increase of 14 million individuals.
He cited projections for 2026, indicating that the figure will reach around 141 million, meaning an additional 26 million Nigerians will be thrust into poverty between 2023 and 2026.
Obi further referenced the Nigeria Economic Outlook 2026 report, titled “Turning Macroeconomic Stability into Sustainable Growth”, stressing that it reinforces the grim projections.
“It is estimated that by 2026, an overwhelming 141 million people — 62% of the population — will be living in poverty. Despite recent attempts at stabilization, the report underscores that weak real income growth and persistently high living costs will continue to exacerbate poverty.”
According to him, most Nigerians will not experience income growth sufficient to counter escalating costs. “Although headline inflation may moderate, sustained high prices stemming from energy, logistics, and exchange-rate fluctuations will remain a burden.”
Obi explained that low-income households are especially at risk, as food constitutes up to 70% of their total spending, leaving them acutely vulnerable to food inflation and price shocks.
He emphasised that the rising tide of poverty weakens purchasing power, diminishes demand, and places immense pressure on micro, small, and medium-sized enterprises reliant on local consumers.
The former Anambra State governor asserted that a sustained increase in poverty could unravel public finances, erode human capital, and impede economic recovery unless there is robust job creation, productivity growth, and effective social protection programs.
He said that Nigeria’s trajectory starkly contrasts with nations like India and Indonesia, adding that India successfully reduced extreme poverty from 35-40% in 2000 to 5.3% today. “Indonesia, too, has made significant strides, cutting poverty from around 30% in 2000 to roughly 8%, all through unwavering investments in education, health, and social protection.”
However, Obi lamented that Nigeria has witnessed a rise in poverty from about 40% in 2000 to 62% today. “In the year 2000, India, Bangladesh, Indonesia, and Nigeria shared similar Human Development Index scores of 0.49, 0.47, 0.60, and 0.45, respectively. By 2025, while India and Bangladesh surged to 0.685, and Indonesia rose to 0.74, Nigeria languished at 0.53, remaining entrenched in the low human development category after 25 years.”
“Can we continue to tolerate the reality that a child born in Nigeria today faces one of the highest risks of being born into poverty anywhere in the world?” he asked, adding that 141 million Nigerians living in poverty are not merely a national failure but a blatant threat to the country’s future.
He further stated: “The time for complacency has passed. Structural reforms — macroeconomic stability, investment in agriculture, food supply, logistics, education, health, productivity, and large-scale job creation — are no longer optional; they are imperative.”
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