By Stanley Achonu
The 2023 elections loom, with politicians making campaign promises that offer hope. Yet, poverty, probably the biggest threat to Nigerians today, has gone unaddressed.
In October, the World Bank released its ‘Poverty and Shared Prosperity’ report outlining progress in the global fight against extreme poverty. According to the report, the world is unlikely to meet the goal of ending extreme poverty by 2030, with COVID-19 as a major factor in upending progress made in recent years. The total number of people living in extreme poverty has risen to 719 million globally, with 71 million people added in 2020 alone.
The
COVID-19 crisis and the effects of the war in Ukraine may have pushed over five
million more Nigerians into poverty since 2020, according to the World Bank.
The poverty map by the National Bureau of Statistics further reveals that while
four in 10 Nigerians experience monetary deprivation, six in every 10 Nigerians
(or 133 million Nigerians) are multidimensionally poor due to lack of access to
basic amenities. This staggering number is fueling insecurity and stealing our
future.
This
election presents fresh opportunities to address the poverty crisis. Nigerians
should not be lulled into complacency by campaign promises devoid of practical
solutions. Instead, voters must ask all candidates: how do we lift Nigerians
out of poverty over the next decade?
The good
news is that Nigeria can learn from countries that have successfully reduced
widespread poverty.
In
the 1980s, Vietnam was one of the poorest countries in the world, with a 75 per
cent poverty rate, stagnant economic growth, hunger, and mass migration.
However, in over 30 years, Vietnam’s economy grew with GDP per capita rising
from $481 in 1986 to $2,655 in 2020, and the poverty rate falling to around 5
per cent.
Turning
the Vietnamese economy around was a deliberate action based on a
well-thought-out sequence of policies. Vietnam struck the first chord of development
by ensuring food security and producing enough for export. Next, it provided a
strong basis to develop labour-intensive manufacturing and brought more rural
poor and young people into the country’s workforce. This caused the GDP to grow
at an average rate of 7 per cent per annum for about 30 years. With its
burgeoning young population, Nigeria can take a cue by opening up sectors that
can provide millions of decent jobs.
What about India, where similarities exist in
the complexities of culture and population size? Unlike Nigeria, which largely
depends on oil exports, India prioritises ideas and innovation, exporting more
than 5,000 different products through Micro, Small, and Medium Enterprises.
MSMEs contributed over 44 per cent of India’s total export in 2020, and
large-scale industries rely on their ancillary services to ensure continued
survival.
Another critical component of India’s success
is its approach to healthcare. Government-funded health insurance saves lives
and keeps people from falling into poverty due to expensive out-of-pocket
health spending. In Nigeria, if poor households are covered by
government-funded health insurance, Nigerians can focus on improving
productivity rather than worrying about out-of-pocket health spending.
And then, there is China, which has lifted 850
million people out of poverty in the last four decades. China created millions
of jobs using its large pool of educated and low-wage workers to attract
foreign investment in factories. China improved the growth rate of farmers’
income in poorer areas more than the national average to stimulate food
security. It also made essential public services available in rural areas to
reduce the rural-urban exodus of young people.
A common thread across these countries is a
shared commitment at all levels of government and society to combat extreme
poverty. Such effective political will and leadership are required to turn the
poverty index around in Nigeria. Several past poverty alleviation programmes
failed because of this lack of shared political commitment and vision at all
levels.
Ultimately, Nigeria will have to chart its
path, experimenting and learning along the way. The country has the required
workforce to build a prosperous nation but needs more investment and leadership
coordination to harness its potential. Our political candidates must outline
clear, ambitious, and coordinated plans to end extreme poverty and create
decent opportunities for the masses.
As candidates campaign ahead of the general
elections, they must prioritise discussing their plans and ideas to lift
Nigerians out of poverty. Extreme poverty is surmountable if there is
intentionality about policies and promises during election campaigns and
implementation and accountability afterward. This election cycle is a fresh
opportunity to start over; we cannot afford to miss it. Therefore, candidates
must answer the all-important question: how would you lift Nigerians out of
poverty?
*Stanley Achonu is the Nigeria Country Director at The ONE Campaign
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