NACCIMA, OPSN Express Concern Over Rising Poverty Rate in Nigeria

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Organised Private Sector of Nigeria (OPSN) have expressed concern over the World Bank’s projection that Nigeria’s poverty rate could reach 56% by 2027. Currently, 104 million Nigerians live below the poverty line, with rural communities being particularly affected.

The NACCIMA President, Dele Kelvin Oye, outlined a 13-point plan to address this issue. This includes implementing targeted economic stimulus packages, investing in agriculture, expanding access to credit and microfinance, and providing vocational training for unemployed youth and women.

For further information, read more details here

“The government should implement well-structured and targeted stimulus packages focused on vulnerable populations,” Oye said. “Such measures should include cash transfers, food assistance programmes, and direct support to small and medium enterprises to stimulate job creation.”

He emphasised the need for independent monitoring to prevent abuse and corruption. Investing in agriculture is also crucial, as many Nigerians rely on it for their livelihood. “Given that a significant proportion of Nigerians rely on agriculture for their livelihoods, there is a need for targeted investment in this sector,” Oye added. “Subsidising inputs, providing long-term single-digit credit and expanding training programmes can help increase food security and foster sustainable livelihoods.

The plan also includes expanding access to microfinance, vocational training, and awareness campaigns to inform vulnerable populations about government programmes and services. “Expanding access to microfinance for small businesses, cooperatives, and entrepreneurs will promote self-employment and help reduce poverty,” Oye said.

Furthermore, Oye highlighted the need to address the security crisis, which is a major driver of rural poverty. “The worsening security crisis, ranging from insurgencies to armed groups disrupting agricultural activities, remains a major driver of rural poverty and food insecurity,” he said. “It is vital for the government to act swiftly and decisively to restore peace and security, especially in rural communities, thereby creating a stable environment for agricultural productivity and investment.”

By implementing these measures, NACCIMA and OPSN believe that Nigeria can reverse the rising poverty trend and improve the lives of its citizens

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post