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Poverty is the lack of, or the inability to achieve socially acceptable standard of living. [34] Officially, there is no poverty line put in place for Nigeria but for the sake of poverty analysis, the mean per capita household is used. So, there are two poverty lines that are used to classify where people stand financially.
The international poverty rate used by the World Bank is used in the following list. The estimates can therefore differ from other estimates, like the national poverty rate. Nigeria is the country with the most people living in extreme poverty worldwide since 2019, overtaking much more populous India. [1]
The data is from the most recent year available from the World Bank API. [1] [2] [3] As differences in price levels across the world evolve, the global poverty line has to be periodically updated to reflect these changes. The World Bank updated the global poverty lines in September 2022.
Poverty in Nigeria remains significant despite high economic growth. [1] Nigeria has one of the world's highest economic growth rates (averaging 7.4% [2] over the last decade), an underdeveloped economy, and plenty of natural resources such as oil.
Rank State HDI (2022) High human development 1 Lagos: 0.721 2 Ebonyi: 0.706 Medium human development 3 Imo: 0.693 4 Federal Capital Territory: 0.678 5
Nigeria is the most populous country in Africa; a residence for more than 206 million people. [1] Hunger is one of the major issues that affect the citizens. 40% (82 million people) of the citizens live below the International Poverty Line of $1.90 daily, whilst another 25% are vulnerable.
The total expenditure of food and non-food produce a poverty incidence of 60.2 percent or 89,096,000 Nigerians living in poverty. This measure is used for poverty headcount comparison across countries. Poverty Line is N54,401.16.
Nigeria might then be the 3rd most populous country in the world. In 2100, the population of Nigeria may reach 541 million. [ 31 ] While the overall population is expected to increase, the growth rate is estimated to decrease from 1.2 per cent per year in 2010 to 0.4 per cent per year in 2050. [ 30 ]