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Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts - Politics - Nairaland

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Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by iwaeda: 10:12am On Jun 17
In separate interviews with The PUNCH, economic experts said the rising poverty level in Nigeria would have more adverse impacts on the economy and further worsen the security challenges in the country.

They said the Federal Government’s figure on people lifted out of poverty was not reliable.

An economist and former President of the National Accountants of Nigeria, Dr Sam Nzekwe, in a telephone interview, warned that the increase in the level of poverty would be followed by increased frustration, higher unemployment and criminal activities which would further worsen the state of insecurity in the country.

According to him, “Frustration will become the order of the day, when you don’t have money to feed your family, you will get frustrated. Social vices will increase. Poverty will make more people want to join armed robbery and all these criminal groups. As a result, the country will not have rest as we will keep on fighting social vices and other violent practices.

“So that will be the direct impact. It is going to create unemployment, we already have a very large army of young people who are unemployed, so with this, you bring more people into unemployment levels so that is what it is. So, it becomes very difficult to manage these social vices.”

Nzekwe explained that lack of funds might force many youths to drop out of school, adding that this and other highlighted factors will hamper economic growth.

He stated, “And then a lot of people will be forced to drop out of school and when they drop out, the teeming population of youths that we expect to be rulers of Nigeria tomorrow will be out of school. So when you don’t have youths in school, how do you move the economy to the next level?



“So the economy will not grow; it will become regressive; it goes one step forward and two steps backwards. And you can see what insecurity is doing. In the agricultural sector, you can’t go to farm. You can see the impacts. With poverty, the economy will be messed up,” he said.

A Professor of Economics and Chairman of the Foundation for Economic Research and Training, Prof Akpan Ekpo, in a separate interview, admitted that increasing poverty posed a significant number of dangers to Nigerians.

He noted that there would be greater hunger, with more people reluctant to work, which will lead to lessening production output.

Ekpo said, “Dangers are many if we have worsening poverty. It means the economy is unstable with a lot of crises. There will be hunger and anger in the land.

“Poverty in Nigeria is very high. It is not good for the economy. We are losing a lot of manpower, meaning that we producing below optimal output.”

Ekpo added that with increasing poverty and unemployment, people could be easily recruited into terrorist groups, which would further worsen security in the country.

He said “With high poverty, it is easy to recruit unemployed people into terrorist groups such as Boko Haram. Poverty is often linked to employment, and those unemployed become recruited into such groups, and that will worsen the insecurity crisis.”


He advised the government to work on implement existing policies to ensure poverty is reduced to its minimum.

“It is good for the country to reduce poverty to the barest minimum. For example, the government should implement the poverty initiatives put together by the president so that we can at least move close to Buhari’s target of lifting about 100 million Nigerians from poverty in 10 years,” Ekpo explained.

An economist at Lagos Business School, Prof Bongo Adi, faulted the Federal Government’s claim that it lifted 10 million Nigerians out of poverty.

He stated, “The Federal Government has no data. The only institution that gives data on poverty, livelihood, is the World Bank. If you are looking at data on poverty, the World Bank uses the living standard measurement survey. It does it for every developing country every two or three years.

“The National Bureau of Statistics does not have the capacity to conduct such large statistics or survey. Even if it does, we do not trust the reliability or validity of that survey.”

A professor of Economics at the University of Benin, Hassan Oaikhenan, said the government should address the problems facing Nigerians.

He stated, “What I do know from what we can see around us is that the claim by the Federal Government to have lifted 10 million Nigerians out of poverty is neither here nor there. I can sense a falsehood, something made to fulfil all political righteousness



“I think there is a need for the government to honestly address and confront the problems facing Nigerians because that is why they were elected.”

Adi also warned that increasing poverty would worsen insecurity in the country.

A professor of Economics at the Olabisi Onabanjo University, Ogun State, Sheriffdeen Tella, said the statistics stating that 10 million Nigerians were lifted out of poverty by the government was politicised.

He stated, “The economic situation does not indicate that poverty has reduced in the country. That statistics is more of a political thing than the reality on ground. If we say the economy is picking up, it is very slow. All the fundamentals are not indicating that poverty level has been reduced.

“I am expecting the National Bureau of Statistics to show the reality on ground in terms of the situation for this month. The international community has its own way of collating its statistics, and it is more realistic to what is on ground than what our government is saying. I think the international statistics of the World Bank is more realistic.

“Government has to show that it is doing well, but the reality on ground does not show that the economy is doing well. With the issue of the herdsmen sending people out of farms, you cannot say the country is doing well.”

Tella also said there several dangers concerning the increased poverty. He stated there would social unrest including insecurity with the high level of poverty.


“If people are engaged in one job or the other, they won’t be engaged in civil unrest. That is when you would say the economy level is going up. The government has to do something quickly to improve the level of employment. They should ask farmers to go back to their work by ending the excesses of bandits,” he added.

https://punchng.com/nigerias-rising-poverty-will-worsen-insecurity-economic-instability-experts/

5 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by festacman(m): 10:23am On Jun 17
Naked Truth: As presently structured, Nigeria can never achieve ORGANIC economic growth and prosperity.

How it Started: Well, in fairness, the country was on that road in the 1960s when regions harnessed their economic potentials in line with principle of comparative advantage.

How it went: Unfortunately, crude oil happened and Nigeria became 'artificially' rich overnight. Then, the military entry into politics happened and regions were balkanised into states with a Federal Government that is far-away from grassroots assuming unnecessary responsibilities. Things were turned upside down. Regional economic roadmaps were abandoned and hitherto prosperous people became poor as military rulers and then politicians competed to loot oil earnings while our infrastructure decayed and diversification of the economy neglected.

The Result: Now, the country has gone full circle and has become poor. Fortunately, we still have numerous money-yielding untapped mineral resources, 'overdose' of agricultural land, enviable marine resources, intelligent human capital and massive internal market due to our population.

Way forward: Restructure! Restructure!! Restructure!!! The National Assembly should study how Switzerland and Canada are structured, adapt in line with local realities. To manage shocks and frictions that would arise, PHASE the restructuring with clear TIMELINES. Unleash the massive economic potentials in geopolitical zones and watch NIgeria prosper and become world economic power.

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Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by EKONGKING: 10:23am On Jun 17
Ok
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by NwaNimo1(m): 10:24am On Jun 17
Kai...

10 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by iwaeda: 10:39am On Jun 17
Nigeria has never been this stable and safe! Kudos to Buhari and deluded followers. God bless Nigeria.

11 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Nkitara: 11:42am On Jun 17
High time those kidnappers leave the common man alone struggling to survive and face our politicians and their kids and wives. We don't mind you guys killing them and cutting them to pieces. We have plenty of RIPs to go around.

21 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by ArewaNightmare: 12:03pm On Jun 17
grin this paid agents are being economical with the truth, what is WILL WORSEN INSECURITY? when it's glaring that it's Fuelling insecurities already

16 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Elock1: 12:03pm On Jun 17
embarassed
Jesus, Nigeria Don dy finally turn Somalia

Who send me come here oh
cry cry cry cry cry cry cry cry cry
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Justinlean02(m): 12:03pm On Jun 17
Okay we're already aware and most prepped... If you've not found a way to leverage crypto while here in Naija, you're the one been talked about see my signature though

5 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Godchosen001: 12:04pm On Jun 17
Yam is now expensive than Imported rice
Las las everybody go get sense by force

1 Like 1 Share

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Nobody: 12:04pm On Jun 17
we all know that.. may God help us all
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Hezmatosky: 12:05pm On Jun 17
I thought we have Nigerian world economic minister, what's she doing there sef lipsrsealed
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Damianisa(f): 12:06pm On Jun 17
It is well
Buhari has failed us

1 Like

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Kuginzi: 12:06pm On Jun 17
May God help us
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Thinktwicemybro: 12:06pm On Jun 17
Have not even make comments they are liking it?

1 Like 1 Share

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by foeedaba: 12:06pm On Jun 17
To be forewarned is to be forearm. Nigerians brace yourself and prepare for the difficult times ahead. The current government that thinks banning Cryptocurrency and Twitter is the way to fight insecurity, doesn't have a clue about solving the problem of insecurity in the country.

8 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Paragon311(m): 12:06pm On Jun 17
Let the government not address the increase in poverty now

When everyone can't move around again because chunk of people can't afford to eat a meal and end up waylaying people daily
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Nobody: 12:07pm On Jun 17
When we have dumbo's ruling nigeria. What more do you expect. It's sad nigerians excel more in foreign countries than their homeland.

6 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by OmoManU: 12:07pm On Jun 17
Those yeye experts whom are always only prophets of doom

Are they not the one been advising those politicians since time immemorial, where are we today for it?

Simply the system we're running is simply counter productive, it needs to be changed

Either we restructure or they let everybody goes their own separate ways

1 Like

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Coldie(m): 12:07pm On Jun 17
In reasonable countries when they see this kind of news they will try and prevent or stop it.

In Nigeria they will deny it, go underground and build more prisons for citizen's that are hungry.

And some people Will support them

2 Likes

Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by money121(m): 12:07pm On Jun 17
Ok
Re: Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts by Xcelinteriors(f): 12:08pm On Jun 17
Very true

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