A financial expert, Dr Akin Olaniyan has lamented the increasing poverty rate in the country caused by multiple factors among which is poor management of resources
Olaniyan who stated this during a media training organized by Polaris Bank in Lagos, said: “Nigeria exhibited a poverty headcount ratio of 30.9 percent, while South Africa’s stood at 20.5 percent, with a life expectancy of 53 years as against 65 years for South Africa, population growth rate of 2.4 percent as of 2021 for Nigeria while South Africa is 1.0 percent, among others.”
Olaniyan, former deputy Editor with the Punch Newspaper while further lamenting the current state of the economy noted that despite its huge potentials for rapid growth and development, Nigeria is still caught in a debt trap.
Citing OPEC and NEITI data, he said “Nigeria boasts nearly 40 billion barrels in crude reserves, ranking 11th out of 20 countries. Additionally, gas and oil contribute 65-83% of the country’s total export revenue, with a crude oil production capacity of 2.5 million barrels per day. However, Nigeria currently produces 1.8 million barrels per day, making it Africa’s largest oil producer and the 13th largest in the world.
“Despite these economic potentials, Nigeria has been identified as the 14th most failed state in the world in 2011, climbing 40 places in the Fund for Peace ‘Fragile State Index’ between 2005 and 2011.
Nigeria now finds itself grouped with countries such as Somalia, Sudan, the Democratic Republic of Congo and Afghanistan,” he added.
