Esther Salifu
Nextier has called for urgent, coordinated action to address Nigeria’s poverty crisis, urging stakeholders to adopt bold, evidence-driven policies and innovative strategies that address the problem.
The call was made at the 2025 Nextier Development Festival themed “Ending Poverty in Nigeria: Diagnosis, Design, and Development,” which brought together government officials, development partners, and experts.
Speaking at the event, Vice President Kashim Shettima, noted that eradicating poverty is not just a policy but a duty to every Nigerian. He described the “Poverty Exit Plan” as a national compact for inclusive growth.
“The ‘Poverty Exit Plan’ is not merely a policy; it is a moral imperative. It is the unwavering commitment of the Bola Ahmed Tinubu administration to permanently dismantle the structures of poverty and replace them with a future of shared prosperity.”
Shettima who was represented by Special Adviser to the President on Power Infrastructure, GCON Sadiq Wanka, emphasized early reforms like petrol subsidy removal and forex unification, describing them as bold but necessary steps to create fiscal space for investments.
“The removal of the petrol subsidy and the unification of the foreign exchange market were bold acts of economic surgery, essential to stabilize our nation and set it on a path of sustainable growth.”
He explained that the plan rests on three strategic pillars: investing in critical infrastructure, driving financial and economic inclusion, and encouraging value-addition and mechanized agriculture.”
Shettima highlighted early positive outcomes, including higher reserves, narrowing fiscal deficit, rising non-oil exports, and stabilizing inflation, projecting that poverty and inequality could be drastically reduced by 2026.
“If we remain consistent in our application of these policies, our government is confident that we will see GDP growth soaring, inequality reducing drastically, food and multidimensional poverty crashing, and inflation potentially reaching single digits by 2026.”
EU Ambassador H.E. Gautier Mignot also underscored the urgency of tackling poverty, describing it as a moral, political, social, and economic necessity for Nigeria’s stability and growth.
“Reducing poverty is not only a moral or religious duty. It is also a political, social and economic imperative benefitting all.”
Mignot pointed to rural poverty—72% compared to 42% in cities—arguing that empowering women and small entrepreneurs with skills, equipment, and capital can lift millions out of poverty.
He outlined the EU’s ongoing support, including €50 million in humanitarian aid and €100 million from Team Europe, while stressing that Nigeria’s success ultimately depends on its own leadership.
Partner at Nextier Development Foundation, Dr. Ndubuisi Nwokolo, in his welcome remarks, emphasized the need to first define and understand poverty properly, as this shapes effective responses.
“The way a problem is understood is the way it would likely be addressed.”
He revealed that despite Nigeria spending an estimated $200–225 billion (₦300–₦337.5 trillion) on poverty alleviation between 1999 and 2025, poverty worsened from 42.7% in 1999 to 47.2% in 2025.
Nwokolo criticized reliance on temporary interventions, such as handouts, and called for deeper, innovative solutions.
“Money alone does not eradicate poverty. Neither do rice distributions nor handing out sewing machines. We need to go much deeper than the knee-jerk reactions.”
