Nigeria overtakes India as country with highest rate of poverty

On a rather negative note, Nigeria has taken over as the nation with the highest rate of poverty in the world, overtaking India who used to boast of same position, according to a report by Brookings Institution.

India, with a population of 1.324 billion people, had held the unenviable position until this latest report confirming Nigeria, with a population of under 200 million as the new poverty capital.

The report claims the number of Nigerians in extreme poverty increases by six people every minute, TheCable writes.

“According to our projections, Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018, and the Democratic Republic of the Congo could soon take over the number 2 spot.

“At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.

“In fact, by the end of 2018 in Africa as a whole, there will probably be about 3.2 million more people living in extreme poverty than there is today.

“Africans account for about two-thirds of the world’s extreme poor and that if current trends persist, Africa will account for nine-tenths by 2030.

“Fourteen out of 18 countries in the world—where the number of extreme poor is rising—are in Africa.”

This comes after a report in March by the International Monetary Fund which claims Nigerians were getting poorer, calling for coherent and comprehensive economic reforms.

It also comes as a blow to the administration of President Muhammadu Buhari as he looks to bid for a second term in next year’s presidential election.