Peter Obi, the Labour Party (LP) candidate in the recent presidential election, has expressed his perspective that the pervasive poverty in the nation could be averted with effective and dedicated leadership.
On the occasion of the International Day for the Eradication of Poverty, Obi emphasised that no country can progress when over half of its population is mired in poverty.
In a statement conveyed through his media aide, Michael Nwolisa, the former governor of Anambra State attributed the country’s high poverty rate to a combination of factors, including insecurity, a challenging economic environment, and an unstable political landscape.
“Nigeria is today known as the world capital of poverty. According to the World Poverty Clock, over 71 million Nigerians live in extreme poverty, and a total of 133 million people, 63 per cent of the population, are classed as multidimensionally poor, according to National Bureau of Statistics data.
“According to Oxfam, the richest 0.003 per cent of Nigerians, 6,355 individuals worth $5 million and above, have 1.4 times more wealth than 107 million other Nigerians.
“This high rate of poverty and gross income inequality, are obviously a threat to national prosperity and development,” he said.
Obi asserted that channelling investments into small-scale businesses nationwide represents the most expedient means of elevating individuals out of poverty.
He further emphasised that these small enterprises, acting as the driving force behind economic growth, have the potential to revitalise the economy and facilitate a transition from consumption-oriented to production-oriented development.
“By so doing, there will be rapid creation of jobs and more productivity in the nation.
“According to the United Nations, India lifted approximately 415 million individuals out of poverty between 2006 and 2021.
“The United Nations reported that India achieved a remarkable milestone by reducing their global MPI (Multidimensional Poverty Index) values by half within a span of 15 years.
“According to the World Bank, more than 33 million Bangladeshi people have been lifted out of poverty since 2000.
“Bangladesh’s per capita has increased almost threefold between 2010 and 2020, from under $700 to $2,068, moving Bangladesh into the ranks of middle-income economies. Bangladesh is projected to enter upper-middle income status by 2041.
“All these countries, and many other comparable nations, have invested in the small business sector, enabling them to lift millions of people out of poverty,” Obi pointed out.
At the end, he wants the government to take urgent decisions by reforming and investing in critical areas of development; health, education, and lifting people out of poverty
