Updated: February 24, 2021
About 112million Nigerians, representing 67.1 per cent of the country’s total population, were said to be living below poverty line in 2012. The 2018 report however shows 86.9 million or 22% point decline from the 2012 figure.
According to the Buhari Media Organisation (BMO), this gradual decline in the poverty level in the last 6 years, 4 of which fall under President Muhammadu Buhari’s administration, is a result of a significant structural transformation of various sectors of the nation’s economy.
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In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO noted that various interventions introduced by the Buhari administration in the last four years to bring about poverty reduction in the country have largely been successful.
“It is on record today that President Buhari’s Social Investment Programme (SIP) has become a reference for poverty reduction globally as more countries are seeking Nigeria’s support to replicate same model of social investment programmes in their respective countries.
“Reinforcing his administration’s commitment to bringing about poverty reduction in the country, President Muhammadu Buhari recently re-emphasized his resolve to rescue 100 million Nigerians from poverty in accordance with the principle of Sustainable Development Goals (SDGs) and the launch of National Social Investment Programme (NSIP).
“It is note worthy that the National Social Investment Programme (NSIP), which is targeted at the poor and vulnerable members of the Nigerian population, is already tackling and addressing the root causes of poverty in all its manifestations at the level of households across the country.
“The NSIP has in the last four years impacted positively on over 40 million Nigerians, with a long term target to remove about 100 million people out of poverty in ten years.
“The latest Central Bank of Nigeria (CBN)’s Purchasing Managers Index (PMI) report has revealed a growth in the manufacturing sector. The report released for October 2019 showed that the activities in the manufacturing sector grew for the 31st consecutive month.
“Besides, Central Bank of Nigeria (CBN) has again raised the Loan to Deposit Ratio (LDR) of banks from 60 to 65 percent to improve lending to the real sector of the economy, such as Small and medium enterprises SMEs, which is at the heart of the economy, and this will cycle more people out of poverty.”
BMO also noted that the Buhari administration has also taken a proactive measure to create a new Ministry of Humanitarian Affairs, Disaster Management and Social Development to address important issues that affect the people directly.