- A survey has revealed that over 100 million Nigerians earn less than N700 per day
- According to the report, nearly 50 percent of the country's population endures extreme poverty
- The srvey was carried out by Enhancing Financial Innovation and Access (EFInA)
A survey report by Enhancing Financial Innovation and Access (EFInA) has shown that over 100 million Nigerians earn less than N700 per day.
The survey report is titled: ”Assessment of Women’s Financial Inclusion in Nigeria, December 2019.″
Part of the report stated: “Approximately half of the Nigerian population earns less than N700 per day. Nigeria has the largest number of peop|e living in extreme poverty in the world.
“Nearly 50 percent of the population endures extreme poverty, the unemployment rate stands at around 23 percent and a significant portion of Nigerians lack adequate education.
“Often earning less than N700 Naira per day, most men and women we met did not feel they had enough money to save, make investments, or take risks on loans.
“They devote the little income they have to live costs (e.g., food, rent, cooking fuel, and clothes) their children’s education. and occasionally, family and community events.”
Recall that a World Bank prediction had stated that Nigeria is in danger of becoming a place for about 25% of the poorest persons in the world in 10 years if nothing drastic is done about its economy.
In order to prevent this, the bank advised the federal government to increase the generation of local revenue, eliminate unnecessarily stringent laws on trade and make sustainable economic policies.
Similarly, the International Monetary Fund (IMF) recently warned that Nigeria’s debt to gross domestic product (GDP) ratio at 28% had increased but is still below average in the sub-Saharan Africa and Africa region.
Amine Mati, the IMF senior resident representative and mission chief for Nigeria, made the disclosure in Lagos on Wednesday, November 27, during a public presentation.
He urged the federal government to increase its drive to create more new jobs and revamp its fiscal consolidation, noting that the country’s GDP was low.
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