A recent National Bureau of Statistics (NBS) report noted that 63% of the Nigerian population is multi-dimensionally poor. Gospel Obele, Chief Economist, Streetnomics Ltd, has called for bold structural reforms to reverse the poverty trap. 

He made this point while sharing his views with WebTV on "Reversing Nigeria's Poverty Trap." In analyzing the implications of the recently launched Nigeria 2022 Poverty report by the NBS, he noted that the big question is how Nigeria can achieve shared prosperity, moving away from the conversation on the causes of poverty. 

In addition, he emphasized the need for good policy dynamics. He said Nigeria could transform its economy in four (4) years if the next President adopts the right mix of structural reforms and policy dynamics. 

"We need to organize and formalize the entire ecosystem of the services sector in the economy and reposition the non-oil sector to aid the diversification of the nation's revenue sources." He decried the lack of visionary leaders in the country, the absence of institutional ideologies, and the weak economic management that have led to worsening inflation, avoidable recessions, the use of budgets to fund waste and other actions that adversely affect the economy.

He added, "If a good chunk of a nation's population is struggling with the basic needs of life, it will be tough for them to aspire for excellence."

Speaking further on economic plans, he pointed out that since independence, the nation has developed over ten development plans which have not been implemented effectively. He attributed this to the lack of visionary leadership and the absence of plans identifying with the country's complexities.

"Economic plans need tailoring to various contexts to address issues like unemployment through identifying priority sectors that will unlock growth and developments," Obele noted. 

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