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Business News of Thursday, 23 June 2022


There are more poor men in Nigeria than women as poverty rate climbs in 6 years

President Muhammadu Buhari and Vice President Yemi Osinbajo President Muhammadu Buhari and Vice President Yemi Osinbajo

On Tuesday, June 21, 2022, President Muhammadu told Bloomberg that his government would leave Nigeria’s economy better than he met it, saying he has outperformed the successive administration of Goodluck Jonathan.

However, there are pointers to the contrary as Nigeria’s economy has taken a hit in the last seven years since Buhari mounted the saddle.

Available statistics show that in the last six years, Nigeria’s poverty rate has increased, showing that in 2020 about 89 million Nigerians are poor, meaning those who live below $1.9 per day. It is projected that about 90.1 million Nigerians will become poorer by the end of 2022.

In 2016, a year after Buhari became president, the economy began to nosedive.

In 2015, when Buhari became President, the poverty rate in Nigeria stood at 9.5 per cent and is currently standing at 12.9 per cent.

A further breakdown shows that there are more poor men in Nigeria than women.

Before Buhari become president in 2015, about 35 per cent of males in Nigeria, representing about 35 million were poor while about 34 million females were poor. The number, however, increased in 2022.

As of the time of writing, about 43.71 per cent of females are poor and 44.707 per cent of males are poor despite the huge employment gap between the two genders.