The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has called on the Federal Government to take urgent and decisive action to combat the escalating poverty crisis in Nigeria.
This appeal follows the World Bank’s April 2025 Africa’s Pulse report, which revealed that Nigeria accounts for 19% of the extremely poor population in sub-Saharan Africa, the highest share in the region.
This figure means that over 106 million Nigerians are living in extreme poverty, making up about 15% of the world’s poorest population.
The report also forecasts that Nigeria’s national poverty rate could rise to 56% by 2027, highlighting the growing crisis in Africa’s largest economy.
In response, NACCIMA’s National President and Chairman of the Organised Private Sector of Nigeria, Dele Kelvin Oye, called the findings a stark reminder of the urgent threat posed by escalating poverty.
Oye pointed out several key factors worsening the crisis, such as rising inflation, youth migration, and an expanding fiscal deficit, all of which require swift, targeted, and practical policy responses.
He also criticized the Central Bank of Nigeria’s monetary policies, highlighting that commercial lending rates of 30-40% are hindering entrepreneurship, industrial production, and agricultural growth.
While these high rates are intended to control inflation, they unintentionally undermine the private sector’s ability to create jobs and drive innovation.
To tackle these challenges, NACCIMA has called for targeted funding and special credit windows for micro, small, and medium enterprises and key sectors at concessional rates.
Oye argued that these measures are crucial for unlocking economic growth, creating jobs, and ensuring food security.
He also stressed the importance of strong public financial management to support these efforts, urging the Federal Government to: Prioritize capital spending over recurrent expenditures; Expand the tax base rather than increasing tax rates;
Improve expenditure efficiency and eliminate financial leakages;
Accelerate the sale or concessioning of underperforming public assets.
Oye also expressed concern over the rising trend of skilled youth migration, known as “Japa,” driven by economic disenfranchisement and insecurity.
To address this, he proposed large-scale public works programs, digital skills training, and increased security sector investments in the most affected regions.
He emphasized the need for youth-focused entrepreneurship initiatives and the stimulation of rural enterprises, particularly in agriculture and light manufacturing, to make staying in Nigeria a more viable and appealing option.
Oye highlighted the shifting global economic and geopolitical landscape, noting the declining dominance of the U.S. dollar due to the reduced global share of the U.S., the overuse of dollar-based sanctions, and the rise of digital settlement systems beyond traditional mechanisms like SWIFT.
He urged Nigeria to realign its foreign policy strategically to adapt to these changes and bolster its economic standing.
