Last week, I extensively talked with a set of enterprising, upwardly mobile young men and women in Abuja. I chose to label that interactive session “lamentations of despairs”. These young people are your typical hustlers. That conversation centred on an economic phenomenon our economic gurus neglected. But it is responsible for why our economy is not healthy. An […]
Last week, I extensively talked with a set of enterprising, upwardly mobile young men and women in Abuja. I chose to label that interactive session “lamentations of despairs”. These young people are your typical hustlers. That conversation centred on an economic phenomenon our economic gurus neglected. But it is responsible for why our economy is not healthy. An in-depth understanding of the phenomena will undoubtedly mark a turning point in our approach to economic planning and governance.
The World Bank defines poverty as living below $1.90 per day. Efforts aimed at reducing poverty can be targeted and outcomes measured. Middle-class income is vague and fluid, and such interventions are difficult to measure results. Recent inflationary trends have worsened this. World Bank’s current data predicts that 4million people are progressively being pushed into poverty in Nigeria. These people are moving from middle-class to poverty because, in Nigeria, poverty is synonymous with the working class. The poor people work but earn and live below $2 per day. Inflation is constantly eroding the purchasing power of the middle class, affecting their disposable income. There is also the dimension of wage stagnation.
We need to strengthen social dialogue and promote collaboration between the government, civil society organisations, and the private sector to ensure that the concerns and needs of the middle class are effectively addressed. Nigeria experiences significant income inequality, with a small elite class accumulating wealth while the middle class,with no capacity to save, struggles to maintain their standard of living.
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