Poverty Level Has Remained The Same In The Last 40 Years-World Bank
According to the
world bank, the Nigerian Per Capital Income (PCI) remains the same. Per capita income is usually derived by
dividing a nation's Gross domestic product GDP by its total population. Based
on the National Bureau Of Statistics, (NBS), the Nigerian GDP stood at over $514 billion
In the middle of 2021. It is the highest in the entire African continent. It is
followed by Egypt and South Africa with #39 billion and $329 billion
respectively.
According to the world bank director for
Nigeria, Shubham Chaudhuri, successive administrations in the country have not
done anything significant to improve the PCI.
In contrast with Seychelles has the highest
PCI in Africa of $25,699 while that in Nigeria is just around $2,052 based on
figures from the world bank.
This means that the LS (Living Standard ) in
countries like Gabon, Seychelles, and Algeria is higher than that of Nigeria.
The living standard survey, LSS is used
for measuring the poverty standards in the country and it is also used to
estimate different socio-economic indicators including benchmarking of the
sustainable development goals (SDG).
It was at the Nigerian Economic Summit NES
that Chaudhuri disclosed that those who governed the country for the last four
decades have not done much to increase the PCI. He stated that the PCI has been
on the same level since 1981. It means the country is experiencing stunted
growth.
He
further advised the government to end the subsidy regime on petrol and channel
such resources into improving other critical areas of the economy such as
education, infrastructural development, and health care services.
He also advised that something is done
urgently in other to retain the hope of young Nigerians in the country.
