Former Statistician-General of the National Bureau of Statistics (NBS), Dr. Yemi Kale, has revealed that about 89 million Nigerians, representing 40 percent of the population, are living below the poverty line.
Kale, who is now the Group Chief Economist and Managing Director of Research and Trade Intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed “Rebuilding Our Nation.” He described Nigeria as the country with the second-largest number of poor people in the world, behind India.
“To put this in perspective, fewer than 20 of the world’s 195 recognised countries even have a population larger than Nigeria’s poor,” Kale said.
He warned that the situation is worsening, stressing that it undermines the promise of independence—which should guarantee every citizen the opportunity to thrive. According to him, years of policy missteps and delays in implementing reforms have deepened poverty.
“Key adjustments, some finally underway, should have started over a decade ago when warning signs were already clear. Acting sooner would have softened the impact on households and businesses, sparing the economy from prolonged inflationary and fiscal pressures. Instead, distortive policies in monetary and exchange rate management eroded investor confidence and stifled investment,” he explained.
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While acknowledging that the current reforms are painful, Kale maintained they are necessary. “There is really no credible alternative,” he said, adding that reforms must be executed with consistency, integrity, and compassion to translate potential into real prosperity that touches everyday lives.
He concluded by urging the government to sustain reforms while urgently strengthening social protection measures, stressing that the path to economic recovery must be both “economically sound and socially just.”