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: 931

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...
Nnamdi Kanu’s lawyer reveals who will produce IPOB...

Teenager beheads self with chainsaw after losing computer...

I’m not Atiku’s running mate – Peter Obi...

IPOB leader, Nnamdi Kanu resurfaces in Israel

NASS Siege: PDP commends Osinbajo, demands Buhari’s expulsion...

FG concludes regulations on new class of meter...

Gov Obiano’s aide found dead in his room...

Killings: Many more will die unless…Ekweremadu

Taraba Killings: Danjuma’s allegations baseless, says Buratai

PDP demands Adeosun’s sack over alleged NYSC certificate...

Miyetti Allah tackles South-East govs for rejecting ranching...

Customs officer kills two colleagues in Lagos

 

Latest News 2019: Fresh Crisis hits Atiku in South-East over failed Promises Why they want me out, by Oshiomhole, APC Chairman Military plans another Python Dance in South-East Buhari warns against pipeline vandalism, commiserates with Abia explosion victims My VP role won’t conflict with Gov. Obiano, says Obi Benue: Herdsmen vow to remove Gov. Ortom in 2019 Buhari laments as Kaduna crisis claims 55 lives Obanikoro, Omisore recover passports from EFCC, ex-minister returns to US 2019: Mbaka hits Buhari, Atiku • Says APC may lose next election Biafra: 'I am not a Nigerian' , Nnamdi Kanu declares. Read what he said about 2019 elections, Trump, Fayose, his escape Odinkalu lists threats to 2019 elections 2019: Impostors trying to submit fake names to INEC – PDP

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (6,885 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (5,364 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (5,147 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (4,626 views) ASUU strike: Senate intervention ends in deadlock (4,528 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (3,771 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (3,507 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (3,499 views) Anambra: INEC releases 37 candidates for Nov poll (3,457 views) Buhari has disappointed Nigerians – Arewa Youth Forum (3,443 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (3,434 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (3,399 views)

 

SECTIONS NEWS (522) EDITORIAL (6) POLITICS (369) SOCIETY (104) SPORTS (12) BUSINESS (215) HEALTH (16) EDUCATION (15) INTERNATIONAL (30) ENTERTAINMENT (7) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (8)

 

 

Julius Agwu - Crazy Interview Demands