President of the Nigerian Association of Economists (NAE), Prof. Innocent Eleazu, has said that over 90 million Nigerians are living in extreme poverty as a result of bad economy caused by incompetence, greed, corruption, wickedness and mismanagement of the country’s economy by the ruling class, warning that if the situation is not adequately addressed, there may be famine by 2025 in Nigeria.
He pointed out that one of the major the causes of failure of the country’s economy is over dependence on “crude oil, which dominates Nigeria export sector.
Prof Eleazu who stated this during the Association’s Revival / Award Dinner party held at the weekend in Owerri , Imo state ,said that over 86.9million Nigerians live in extreme poverty which is about 50 percent of the population.
He said that the Nigeria National rising public debt continues to be a cause for concern. “Debt Management Office said total external debt stands at 827.16 trillion while domestic debt skyrockets to 856.7 billion.
”In Nigeria, about 86.9 million people live in severe poverty which is about 50 percent of the entire population. The Nigeria poverty rate for 2018 was 92.00%, a 0.9 decline from 2009. Imagine what Nigeria unemployment rate is today. The Consumer Price Index in Nigeria is expected to be 409.75 points by the end of the quarter, according to Trading Economic Globe Macnomodels,” he added.
Urging the Federal Government to richly invest on human capital development, commerce and industry to improve the economy, Eleazu frowned at the high cost of living especially across South East, regretting that poverty rate is alarming.
“In 2026, the overwhelming majority of Nigerians will live in extreme poverty. The wealth gap has created the political constitution for terrorism to flourish, making anti- corruption goals unachievable,” he said.
Also, Chief Emmanuel Iwuanyanwu who was honoured with an Achievement Award by Association, urges the federal government to encourage agriculture by way of equipping farmers and building infrastructure, and advised economists to continue to explore positive ways to join hands with government and other relevant bodies to strengthen the economy.