See What Will Stop Nigerians From Getting Poorer
It was not a shocking thing for Nigerians when the International Monetary Fund (IMF) recently released a report saying Nigerians are getting poorer even after inflation reports of last three quarters have been on the green.
What is worrisome is that the people have continued to walk down the declining lane of livelihood even after the nation exited recession.
But a policy analyst, Dr. Boniface Chizea, knows why many Nigerians are taking this walk in poverty lane and is worried that there may not be any visible change soon.
Dr. Chizea, however, highlighted one major thing that Nigerians will see that will make them know that poverty is releasing its treacherous grip on the people.
In a report released on Wednesday and seen by Reuters, the IMF said Nigerian people are getting poorer despite the country’s slow recovery from recession.
The IMF said economic reforms are urgently needed.
Giving his opinion on the issues raised, the policy analyst said Nigeria needed to do just one thing for Nigerians to begin to experience financial growth and liberation from poverty.
"What they have said is something all of us know.
"We have been told by the National Bureau of Statistics that at the end of last quarter the growth reached 1.92%.
"If we are growing by that rate, it is obvious that the quality of life will not be the same.
"If you have a situation where the population is growing by three per cent and the economy is growing by two per cent, the quality of life will be deteriorating.
"The rate of growth is not commensurate with the rate of increase in the population," he stated.
The situation has left Nigerians poor and even many are getting poorer.
He, however, expressed optimism that Nigeria's economy could grow, but also linked that growth to some needed changes that must be made.
"For us to begin to have any meaningful impact on the quality of life of the people, you have to have a growth rate of about seven per cent.
Also Read: Nigerians Are Getting Poorer - IMF
"Ghana just did nine per cent and we have to attain some very high levels of growth before we can begin to see the economy impact the individuals," he added.
Looking at the current state of things and the projection of 3.5% growth for 2018, the obvious is that poverty may continue in the land.
Dr. Chizea however said that there are some measuring parametres that the IMF may have used that do not reflect peculiar situations to our environment and that will not give a true picture of what is on ground.
"The size of informal economy in Nigeria is large and their activities do not enter the mainstream," he observed.
In the midst of these, Nigerians can only hope that the economic growth will me more than the rate of growth of the population which at the moment is not controlled.