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Labour Party, LP, presidential candidate, Peter Obi, has emphasised that Nigeria cannot achieve development when more than half of its population lives in poverty. In a statement released to mark this year’s World International Day for the Eradication of Poverty, Obi described the high poverty rate in the country as a threat to national security.

In order to combat poverty, Obi urged governments at all levels to take urgent and positive actions to invest in healthcare and education. He stated, “As we mark the International Day for the Eradication of Poverty today, I restate my unwavering commitment and desire to pull millions of Nigerians out of poverty as part of my mission in the New Nigeria.”

Highlighting Nigeria’s unfortunate status as the “poverty capital” of the world, Obi referred to statistics from the World Poverty Clock and the National Bureau of Statistics, revealing that over 71 million Nigerians live in extreme poverty, while 133 million people, accounting for 63 percent of the population, are classified as multidimensionally poor.

According to Obi, “No nation can develop with more than half of its population living in poverty. This high rate of poverty and gross income inequality are obviously a threat to national prosperity, security, and development.” He further highlighted the stark wealth inequality, citing Oxfam’s findings that the richest 0.003 percent of Nigerians possess 1.4 times more wealth than 107 million other Nigerians.

Drawing lessons from other comparable economies like India, Bangladesh, and China, Obi stressed that investing in small businesses has proven to be the fastest way to lift people out of poverty. He pointed out that India successfully lifted approximately 415 million individuals out of poverty between 2000 and 2021 by reducing their global Multidimensional Poverty Index, as reported by the United Nations.

Obi appealed to governments at all levels to urgently reform and invest in critical areas of development, such as healthcare, education, and poverty alleviation. He concluded, “This remains my mission in the New Nigeria because it is possible.”