Browsing: Poverty in Nigeria

Inflation, high cost of living, food insecurity clouds Buhari's administration. www.theexchange.africa

Nigeria, Africa’s largest economy, has not been spared either. Food staples are scarcer in Nigeria than ever before as the government tries to deal with a record inflation rate, indicating that the country may be in danger of experiencing a food crisis. Staple food costs have risen for a third year as Africa’s most populous nation succumbs to the onslaught of causes that are pushing an estimated 200 million people into poverty.

Because it relies on oil imports, Nigeria, a major petroleum producer, has a very fragile economy. Nigeria has been left vulnerable as oil prices have surged to a historic high. Increased political instability, the consequences of climate change, and the COVID-19 aftermath have all harmed Nigeria’s economy, sending the value of its currency down even more against the dollar.

As a result, the poverty rate in the country has remained at around 50%. According to the UN’s food organization, millions of people currently experience food insecurity, which is anticipated to rise this year. Nigeria now has the world’s greatest number of impoverished people. As many as four out of every ten individuals live below the poverty line, which means they earn less than $1 a day.

Global poverty is not only the current threat to the progression of humanity. Inequality is yet another block that spikes the fire.

According to Oxfam, even after the pandemic threw higher costs of life to communities worldwide, the wealth billionaires own risen sharply compared to 14 years ago.

In this case, South Africa presents an exciting take to analyze. South Africa is an unequal country in the world.

In the second top economy in Africa, race plays a crucial factor in fueling inequality, where 10 per cent of the population owns more than 80 per cent of the wealth, according to information from Aljazeera.

On the governmental level, complications may arise when handling mass starvation and social cohesion for millions of people in locked nations in East Africa, Yemen, Syria and the Sahel.