Nigeria Needs To Be More Productive To Take 133 Million Out Of Poverty — Report

A new report from Stears Business has revealed that Nigeria needs to be more productive to take 133 million citizens out of poverty.

The report titled “How to fix Nigeria’s growth problem” said the Nigerian economy has become increasingly incapable of taking care of its citizens.

“According to the recently published National Multidimensional Poverty Index (MPI), two out of three Nigerians are deprived of more than one essential need.

That’s 133 million Nigerians, which is 60 per cent of the population,” it declared.

The report indicated that the country’s lack of productivity is responsible for its stifling economic progress.

The report reads in part, “When we focus on productivity, we accept that we want to improve our ability to produce more with less.

"That is all that really matters for raising living standards, making it a far better strategy than just focusing on GDP growth.”

It added that in view of standard economic theory, productivity determines wages.

“That is because wage rates are not based on the number of hours you work but on the output you produce within a given time.

"The value you produce and not just the time you spend determines how much you would be paid.

“While the agriculture sector is Nigeria’s largest employer of labour, wages remain low.

"A survey of smallholder farmers by the CGAP (Consultative Group to Assist the Poor) showed that only 27 per cent of the farmers surveyed live above the poverty line ($2.50 a day).”