GTB 737 banner Yudala banner

Nigerians will overtake Indians as world’s poorest people – Economists

By Ted Peters on 09/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 502

President Muhammad Buhari
President Muhammad Buhari

A non-governmental organisation in Vienna, World Poverty Clock, funded by the German government and led by Homi Kharas, deputy director of the Brookings Institution in the US, and Wolfgang Fengler, a World Bank lead economist, is predicting that Nigeria will overtake India as the country with one of the world’s poorest people.

A Financial Times’ report below revealed that an estimated 47m people, almost equivalent to the population of Colombia, are likely to escape extreme poverty this year. But that will not be enough to get anywhere near the UN’s Sustainable Development Goal of ending extreme poverty — defined as living on less than $1.90 a day at 2011 purchasing power parity prices — by 2030.

By 2030, there will be 200m fewer people living in extreme poverty than there are today. However, 438m, or 5 per cent of the world’s population, will still be below the extreme poverty line. This year, for example, the extreme poverty level is rising in 30 countries; in these nations a total of 9m more people will be living in extreme poverty at the end of 2017 than 12 months previously.

“Very few countries in Africa are making fast enough progress on ending poverty, and in two large countries, Nigeria and the Democratic Republic of Congo, their populations are growing faster than their economic growth, so poverty will likely continue to rise,” Mr Kharas said. “We need a dramatic break from current trends in over 30 countries in order to end poverty worldwide.”

Nigeria’s population in extreme poverty is rising by 5.7 people per minute and that in DRC by 3.6 people per minute. The rest of Africa is reducing poverty by 4.7 people per minute. The situation in Nigeria is such that in February next year it will overtake India as having the most people living in extreme poverty in the world, at 82m, the clock predicts.

The forecasts are compiled from hundreds of data sets, including figures from national governments, the International Monetary Fund and the World Bank. Mr Kharas said it was important to address the challenge, “not in global terms, and instead to look at it country-by-country”.

“We may be able to accept that small pockets of poverty remain in some countries — in fact some poverty is present even in the richest countries — but we want to avoid any individual countries, even ones with small populations, being in deep poverty,” he said.

The UN’s SDG is unlikely to be met because, globally, the rate of poverty reduction is slowing — largely on account of Asia getting close to ending extreme poverty. Meanwhile, many parts of Africa are making insufficient progress, the clock reveals.

The extreme poverty rate in Africa will drop from 34 per cent this year to 23 per cent in 2030, the clock predicts. But the absolute number is likely to be only slightly lower than what it is now because of population growth. (The News)

Posted 09/11/2017 06:54:47 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Jonathan, governors, others storm Onitsha, ask Anambrians to...

Ekweremadu Speaks on Constitutionalism in Africa

Governor Willie Obiano wins Anambra Gubernatorial Election

Court affirms IPOB’s proscription

INTERPOL, court issue fresh arrest warrants for Maina...

LG polls: Twin explosions rock Enugu

Kogi governor bans ASUU

IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s...

Herdsmen attack Ondo LG secretariat, chase out workers...

Pope Francis apologises for sexual abuse within Catholic...

Herdsmen attack: We have our own breed of...

I did not insult Yoruba —Wike

 

Latest News Catholic Church returns to CAN 2019: APC is doomed if Tinubu fails to reconcile members – Shehu Sani No 2019 campaigns in Benue till herdsmen crisis is over – Gov. Ortom Nigeria in safe, competent hands under Buhari – Lai Mohammed Air Peace passengers escapes death as cows take over Akure runway Resignation: ‘We won’t pull down Zuma’s statue…’ Okorocha tells critics APC has failed, PDP will return to power in 2019 – Jonathan Our meeting with Buhari is not to discuss 2019 elections – APC govs Nigerian stabbed in South Africa Kaduna APC queries El-Rufai, suspends three key allies Rowdy Session as APC Senators move against Saraki Gov. Ugwuanyi awards N2.4bn state, federal road projects

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (4,964 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (2,665 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (2,451 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (2,169 views) ASUU strike: Senate intervention ends in deadlock (2,148 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (1,768 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (1,623 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (1,545 views) Buhari has disappointed Nigerians – Arewa Youth Forum (1,480 views) Chime not owner of Enugu Mall – Spar (1,369 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (1,352 views) Anambra: INEC releases 37 candidates for Nov poll (1,335 views)

 

SECTIONS EDITORIAL (3) POLITICS (151) SOCIETY (48) SPORTS (1) BUSINESS (67) HEALTH (8) EDUCATION (9) INTERNATIONAL (9) ENTERTAINMENT (1) TECHNOLOGY (0) COLUMNISTS (0) LETTERS (0) OPINION (5)

 

 

Julius Agwu - Crazy Interview Demands