Based on abundantly available and expansive natural resources abound, one wonders why is Nigeria the Poverty Capital Of The World.
According to available random statistics online, Nigeria ranks 15th amongst the poorest countries globally by GDP per capita.
The World Bank rankings for Nigeria are as follows: 146th out of 191. The International Monetary Fund, IMF 2025 ranking placed Nigeria as the 12th poorest country in the world by GDP per capita.
The IMF 2026 projections for Nigeria is good enough to place smiles on the faces of Nigeria’s economic planners.
According to the IMF, Nigeria’s economy is projected to grow by 4.4% in 2026, an upward trend when compared to the 3.9% of 2025. Nigeria is also projected to become the third largest economy in Africa with a GDP of $334B, swapping positions with Algeria’s projected $268B – $285B GDP. South Africa retains the 1st position as Africa’s economic power house with projected $410B – $443B GDP. Egypt is 2nd with projected $347B – $400B GDP.
By purposes of comparison, the State of California in the USA, has the largest GDP of $4.3T and is the 4th in the world after USA, $30.62T GDP, China $19.40T GDP and Germany $5.01T GDP. The State with the least GDP in US Indiana has $551.8B GDP. Africa’s total $2.83T GDP, is smaller than Texas with $2.94T GDP the 2nd largest in US and the 9th GDP in the world.
All the noise about the projected performance of Nigeria’s GDP this year, the fact remains that Nigerians are yet to feel the impact of the so-called rebounding economy. Nigerians are still wallowing in abject poverty unable to cope with the basic necessities of life while the politicians advantageously positioned are having the best of times depleting the commonwealth into private pockets.
When the projected $334B is juxtaposed with an estimated Federal and State debts of N152.39T about $99.68B, comprising 61.95% of domestic debts and 38.05% of external debts, the so-called economic growth begins to unravel.
The failure of successive governments and the present administration to expand Nigeria’s security architecture to contain insecurity and power the economy by electrifying the country, has led to insecurity and youth disengagement who are readily falling into the hands of non-state actors firmly holding the country’s national jugular vein and squeezing it at their whims and caprices.
Most Nigerians, especially the youths cannot afford one meal a day, and are going to bed with empty stomach, not knowing from where the next food will come from. Nigeria’s over-centralized system of governance at both the Federal and State levels, has given rise to over-sized corruption trapping funds needed to expand financial capacities of rural communities.
Now is the time to prune the Exclusive Legislative List and add the items to the Concurrent Legislative List. There are so many Federal ministries, parastatals and agencies that should be scrapped and their functions and funding transferred to States and Local Governments as a practical step towards a true Federal democratic governance.
It is becoming increasingly clear that Nigerians are not benefiting from the ever increasing financial allocations to the Federal, State and Local Governments with varied administrations mistaken building physical edifices to economic expansion and opportunities aimed at creating jobs to expand national GPD. It is incomprehensibly sad that Nigerians are hellishly suffering in the midst of plenty. Over the years, creative sharp corrupt practices have certainly deterred the country’s economic growth.
Until each State and Region begin to invest in its inherent abundant natural resources with obvious competitive and comparative advantages, Nigeria will pretentiously continue to chase shadows at the expense of re-inventing and re-shaping national economic development.
There lies the difference between capturing political power to maintain unworkable economic status quo and engaging in real economic reforms to re-position Nigeria for the challenges of the 21st Century.
The ingenuity of Nigerians to take Nigeria to the next level of economic development is not in doubt. What is doubtful is the resolve of governments at various levels to create the conducive environment for Nigerians to change the economic game for the betterment of the generality of the people.
Nigerian musicians have led the way by placing Nigeria on the global stage. Nigerian actors and other individuals are making similar impact globally. What is left is for the government to engage in massive reformational strategies in security, electricity, agriculture, healthcare, education, industries just to mention a few to recreate Nigeria. Time is running out.
From the Desk Of: Nnamdi
Obieze-Nwadialo, Mansfield, Texas.
