Bloomberg, in its new report stated that one of humanity’s most hopeful developments in recent decades has been the drop in extreme poverty. But said Nigeria needs growth to defuse poverty time bomb. While describing President Buhari’s record over the last four years as discouraging, the New York-based international news agency wondered if he “is up to the task” of reviving the economy.
“A decade ago, Nigeria had far fewer people in extreme poverty than either China or India; today, according to data compiled by the World Data Lab, it has more than both combined. The count stands at more than 90 million, and has risen both in absolute terms and as a share of the total.
“Nigeria’s young and fast-growing population is projected by the United Nations to double in size by 2050, making it the world’s third-biggest. Even assuming that the proportion of Nigerians living in extreme poverty stops rising as quickly as it has in recent years, it’s on course to remain extraordinarily high for the foreseeable future.
“Nigeria’s success or failure in confronting extreme poverty will be pivotal for the rest of Africa, too — partly because of its huge population but also because of its outsize influence over its neighbors. The government led by President Muhammadu Buhari, recently re-elected to a second and final four-year term, bears a grave responsibility. One wonders whether a politician known as “Baba Go Slow” is up to the task.
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