Giant in Wealth, a Nation in Poverty
By Daniel Okonkwo
For Profile International Human Rights Advocate
Nigeria, often referred to as the Giant of Africa, is one of the wealthiest nations on the continent. Blessed with vast natural resources, particularly crude oil, the country should, in theory, provide a high standard of living for its citizens. However, the reality on the ground tells a different story—one of extensive economic hardship, lack of accountability, and growing discontent among the populace. This raises a crucial question: How can a country so rich allow its people to suffer without transparency and accountability?
According to industrial data, Nigeria’s crude oil revenue surged to approximately ₦50.88 trillion ($32.91 billion) in 2024. A report by Statista Research Department, published on January 9, 2025, revealed that the average price of crude oil in 2024 was $80.53 per barrel, with Nigeria producing a total of 408.68 million barrels. At an exchange rate of ₦1,546 per dollar, this revenue is substantial.
Yet, despite these staggering figures, Nigeria remains one of the poorest countries in the world. In 2023, the country’s poverty rate was estimated at 38.9%, with 87 million Nigerians living below the poverty line. Shockingly, this ranking positions Nigeria as the second-poorest country in the world, just behind India in terms of the number of people in extreme poverty.
President Bola Ahmed Tinubu assumed office on May 29, 2023, after winning the February 2023 presidential election. His administration has repeatedly pledged to revamp the economy and strengthen security. However, over a year later, Nigerians continue to struggle with a deteriorating standard of living.
The country’s economic woes are further compounded by rising inflation, unemployment, and insecurity. From banditry and kidnappings in the northwest to terrorist insurgencies in the northeast and separatist movements in the southeast, the government is battling multiple crises that are worsening the socio-economic condition of the country.
While President Tinubu has assured Nigerians of a brighter future, civil society groups, media organizations, and concerned citizens continue to push for urgent reforms to address the pressing issues of poverty, corruption, and economic mismanagement.
Traditionally, economic downturns hit the lower class the hardest. However, recent developments indicate that even the wealthy are beginning to feel the strain. Could it be a mere pretense, or has the situation deteriorated so badly that it affects every stratum of society?
A former Minister of Communications recently decried the high poverty rate in Nigeria, sharing personal experiences of how economic hardship has driven people to desperate measures. Speaking with a News platform in Nigeria, he revealed shocking encounters with citizens begging for as little as ₦1,000 ($0.65) to ₦3,000 ($1.94) just to survive.
"Yesterday, before I left Ibadan, somebody phoned me from Bauchi and begged for ₦1,000 because he had not eaten for two days," he lamented. "About a week ago, a woman called me 30 times in one day, pleading for ₦3,000—but unbelievably, I didn’t even have the money to give."
If a former minister—who once held a senior government position—faces such encounters, what hope remains for the average Nigerian? The distressing reality is that the economic hardship has reached a breaking point, leaving millions struggling to afford necessities like food and shelter.
The World Bank defines poverty as “hunger, lack of shelter, and the inability to access basic services.” In Nigeria today, these conditions have become all too common. Families are skipping meals, businesses are collapsing, and even former government officials are feeling the economic crunch.
The Nigerian government must wake up to the suffering of its citizens and take immediate steps to address this economic crisis.
Nigeria stands at a crossroads. Despite its wealth, the country remains plagued by poverty, corruption, and mismanagement. The cries of suffering citizens must not go unanswered. If real change is to occur, the government must shift from rhetoric to action, ensuring that Nigeria’s immense resources translate into prosperity for all, rather than just a privileged few.
It is time for Nigeria to rise again—not just as the Giant of Africa in name, but in reality, where every citizen can thrive.
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