Africa’s ‘Largest’ Economy Has Over 100 Million People Earning Less Than USD 1.92 Per Day

At the ongoing Financial Inclusion Conference organised by Enhancing Financial Innovation and Access (EFInA Nigeria) with support from UKAid and Gates Foundation, a just-released survey suggests that over 100 million Nigerians earn less than NGN 700.00 (USD 1.92) per day.

This prevents them from saving, making income or taking risks on loans, thereby excluding them from financial systems.

The survey report titled: ”Assessment of Women’s Financial Inclusion in Nigeria, December 2019″, stated: “Approximately half of the Nigerian population earns less than NGN 700.00 per day. Nigeria has the largest number of people living in extreme poverty in the world.

“Nearly 50 percent of the population endures extreme poverty, the unemployment rate stands at around 23 percent and a significant portion of Nigerians lack adequate education.

The survey report also reads: “Often earning less than NGN 700.00 per day, most men and women we met did not feel they had enough money to save, make investments, or take risks on loans.

“They devote the little income they have to live costs (e.g., food, rent, cooking fuel, and clothes) their children’s education. and occasionally, family and community events (eg, births, weddings, and funerals).

“They often considered the financial services they knew of (e.g., bank accounts and sayings groups) out of reach because they felt they did not have enough disposable income to make the necessary deposits.

“In general, they experienced a lack of control over their economic situation and often trusted in God to look after them.”

The latest revelation by EFInA renders further doom to an already disturbing rendition that paints a picture of Nigeria as home to some of the poorest people in the world.

In June 2019, data from World Poverty Clock suggested that 91.8 million Nigerians are “extremely poor”. This means that more than half of Nigeria’s population live on less than a dollar (NGN 360.00) a day.

A year ago, the World Poverty Clock had named Nigeria the poverty capital of the world with statistics showing 87 million people live in abject poverty.

Featured Image Courtesy: Quartz