Following the World Bank warning that 104 million Nigerians, about 47 per cent of the population, were already living below the poverty line as of 2023 and that the number will rise to 56 per cent by 2027, the Organised Private Sector (OPSN) of Nigeria has called on the Nigeria government to urgently inject targeted economic stimulus into the economy to counter the World Bank’s projection.
The Chairman of the OPSN, Mr. Dele Oye, has raised concerns over the World Bank’s projection for Nigeria and urged the Federal Government of Nigeria to “implement well-structured and targeted stimulus packages focused on vulnerable populations”.
Oye, who is also the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), stated that the government needs to implement “well-structured and targeted stimulus packages focused on vulnerable populations, including cash transfers, food assistance programmes, and direct support to small and medium enterprises to stimulate job creation.”
In a statement, Mr Oye lamented that the current support systems were often “insufficient and lack proper structure, leading to instances of abuse and corruption,” stressing the need for “independent monitoring and thorough evaluation across all processes.”
“Given that a significant proportion of Nigerians rely on agriculture for their livelihoods, there is a need for targeted investment in this sector.
“Subsidising inputs, providing long-term single-digit credit, and expanding training programmes can help increase food security and foster sustainable livelihoods,” he said.
He also advocated for women and youth to get expanded access to microfinance to combat the ongoing migration syndrome and stimulate local entrepreneurship.
“The government must facilitate favourable lending conditions specifically for women and youth, alongside developing youth-targeted capital funds,” he added.
According to him, boosting infrastructure, particularly in rural areas, introducing tax incentives for businesses investing in underserved regions, and expanding social safety nets such as unemployment benefits and healthcare are crucial to reversing rising poverty.
He linked insecurity, particularly in rural areas, to worsening food insecurity and poverty and called on the Nigerian government to swiftly and decisively tackle insecurity in order to protect livelihoods and agricultural production.
GIK/APA