Fresh report reveals that about 133m Nigerians live in poverty and need enhanced productivity to get out of it

NIGERIA can take up to 133m of her people or 60% of the population out of poverty if the country significantly ramps up productivity according to a new report just published by Stears Business.

In the report titled How to Fix Nigeria’s Growth Problem, it was revealed that by nearly all economic indicators, the Nigerian economy has become increasingly incapable of taking care of its citizens. Also, the report indicated that the country’s lack of productivity was responsible for its stifling economic progress.

The report read: “According to the recently published National Multidimensional Poverty Index, two out of three Nigerians are deprived of more than one essential need. That’s 133m Nigerians, some 60% of the population.

“When we focus on productivity, we accept that we want to improve our ability to produce more with less. That is all that really matters for raising living standards, making it a far better strategy than just focusing on gross domestic product growth.”

Also, the report added that in view of standard economic theory, productivity determines wages. It said that is because wage rates are not based on the number of hours you work but on the output you produce within a given time.

While the agriculture sector is Nigeria’s largest employer of labour, wages remain low. A survey of smallholder farmers by the Consultative Group to Assist the Poor, showed that only 27% of the farmers surveyed live above the poverty line of $2.50 a day.

According to the report, more than 50% lived on about $1.25 to $2.50 a day, while the remaining 27%, who were extremely poor, lived on less than $1.25 a day.  All of this indicates the agriculture sector’s low productivity levels.