Multinational Poverty (MP) in Nigeria (Solution Perspective) – Kenny Odugbemi

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Image Credit: the Guardian

The federal government must deliberately make a concerted effort to improve on the following
✓Electricity supply
✓Human capital development
Intervention in education, water, sanitation and healthcare.to reduce to a reasonable point of eradication being the most essential requirement for sustainable development

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MP segmentation

We have three essential segments with adopted ten indicators within the appropriate performance metric system as established in 17SDG’s

These important sectors include

✓Health -Nutrition and child mortality

✓Education -enrollment and years of schooling

✓Living standard (water, sanitation, electricity, cooking fuel

*MP assessment

About 65% of our entire population (133m) in Nigeria are living in a state of well-being driven by extreme poverty and health issues, necessitating the need for huge capital investment beyond the shores of Nigeria.

*Propose focus required with project plan of actions

✓Increase literacy, rate and skill development
✓Economic diversification
✓Embracing technology
✓Economic opportunity expansion

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✓Health care
✓Female education and Women Empowerment
✓Fighting against corruption
✓Income redistribution
✓Infrastructure development

*Monumental poverty vitals

✓Worldbank evaluation

*Head line poverty estimate of about 104m of our existing population

*Population growth outgrows economic growth

✓2012-2022-30% increase in poverty
2022-2050- Population estimate of about
440million

*World bank maintained that Nigeria should maintain N750) litre as minimum base, also requested for CBN to stop any form of subsidy and fiscal intervention

*It is estimated that in FY 2025,our fuel subsidy will hit N11trn necessitating the need for more stringent control measures such as managing $300m tax evasion

✓My Suggestions

*FG must restructure, re-engineer, recalibrate and reposition our economic derivatives to achieve sustainable development

*The need to recognize our neck deep involvement in systemic and endemic corruption which had not been faced with right consequences action as Antigraft agencies are mere political machinery used at whimps and caprices of the Executive , political leaders not excluding the security interference

*We must recognize that our problems rest monumental corruption and mental slavery even after 300years of colonial enslavement of slave trade in exchange for peanut

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*Watton looting by political leaders across different political parties in last administration till date is now systemic, where loot seamless in their line of duties and responsibilities

*Our political leaders across the parties across three tiers of governance using ill-gotten wealth, equipping jobless youth as destructive mercenary and buy over judiciary typical example is litany of insanity in River state

✓Attracting FDI inflows

PBAT administration used million of dollars to jet around the World for investment through bilateral and multi lateral agencies ,whilst 2500 manufacturers are moribund, insolvent, not competitive due to lack of favourable economic environment, energy supply, poor Infrastructure, inadequate forex, unguarded tax and tariff policy ,many can not repatriate their fund, insecurity uncensored, many Multinational leaving the shores of Nigeria loosing $4.5b
It is obvious that we shall be chasing shadows, whilst we ate heavily import dependent

*Our beggarly approach in spite of our enormous human and mineral resources is now a thing of shame, since we can not manage our resources in all forms

✓Critical out look

*Nigeria presently is sitting on massive oil depot and mineral resources, which our unpatriotic cabal across all sectors steal unabated

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*If not for the greed and corrupt leaders, we ought to be in best position to lend to plural Nation in Africa sub regions

It is noteworthy to affirm that our Western lenders, which include bilateral and multilateral agencies, will not in any way want Nigeria to be a superpower to others within our sub regions.

Our leaders across three tiers are wasteful and financially reckless, displaying opportunity with litany of insanity whilst the populace suffer irredeemably seeking loans and intervention to tie our present and future earnings to debt service.

11m people dragged into multidimensional poverty in FY 2023 despite all forms of social intervention by the present administration, poverty soars uncontrollably

Conclusion

There is humiliating contradiction of poverty amidst abundance in Nigeria, which necessitates reduction to the point of eradication of poverty in Nigeria, this requires collective collaboration with stakeholders ( FG, States, local government, NGO and global donor community

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Media enthusiast and music lover on a journey to becoming a global media mogul. I am taking it a step at a time.

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