The Nigerian Association of Economists (NAE), has outlined that over 90 million citizens are living in extreme poverty given to bad economy caused by incompetence, greed, corruption, wickedness and mismanagement of the country’s economy by the ruling class, warning that if the situation is not adequately managed, there may be famine by 2025 in Nigeria.
The economists were emphatic that one of the causes of failure of the country’s economy is over dependence on “crude oil, which dominates Nigeria export sector. In the last quarter of 2019, the value of total exports stood at 84.8 trillion, the $103 per barrel of oil cannot be celebrated because of Nigeria inability to meet assigned quota. The Nigeria National rising public debt continues to be a cause for concern. Debt Management Office said total external debt stands at 827.16 trillion while domestic debt skyrockets to 856.7 billion”.
The association stated this through its National President, Prof. Innocent Eleazu, during a Revival/Award Dinner Party, held at the Concorde Hotel, Owerri, last week. The group disclosed that “in Nigeria, about 86.9 million people live in severe poverty which is about 50 percent of the entire population. The Nigeria poverty rate for 2018 was 92.00%, a 0.9 decline from 2009. Imagine what Nigeria unemployment rate is today. The Consumer Price Index in Nigeria is expected to be 409.75 points by the end of the quarter, according to Trading Economic Globe Macnomodels”.
Urging the federal government to richly invest on human capital development, commerce and industry to improve the economy, Eleazu frowned against high cost of living especially across South East, regretting that poverty rate is alarming. “In 2026, the overwhelming majority of Nigerians will live in extreme poverty. The wealth gap has created the political constitution for terrorism to flourish, making anti- corruption goals unachievable”.
Giving remarks, the Special Assistant to the National President of NAE, Mr. Ugwunna Dike, said there must be predominance of law and order for any economy to move forward. Lawless society is enslavement of the mind. Any planned economy must base its ideas and visions on reservation and sustenance of the economy for enhanced comfort and a crime free society.