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The Presidency has firmly stated that Nigeria is not a poor country, calling for a shift in national conversation away from pervasive poverty narratives toward addressing inequality, wealth redistribution, and structural economic challenges.
Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, made the declaration during an appearance on Channels Television on Friday. He emphasized that while Nigeria faces significant inequality challenges, the country possesses vast resources, a large and dynamic population, and substantial economic potential that belie labels of poverty.
“Nigeria is not a poor country, but we have inequality challenges,” Dr. Fasua said. He urged Nigerians and stakeholders to reframe the discourse, highlighting the nation’s abundant human and natural resources, its position as Africa’s largest economy by nominal GDP, and its growing role in regional and global markets.
The Presidency’s position echoes longstanding arguments that Nigeria’s challenges stem not from a lack of wealth but from issues of governance, redistribution, and efficient resource utilization. Nigeria boasts significant oil and gas reserves, solid minerals, arable land, and a youthful, entrepreneurial population. Its economy continues to show resilience amid reforms, with ongoing efforts to stabilize the macroeconomic environment, attract investment, and promote diversification beyond oil.
This assertion comes as the administration under President Bola Ahmed Tinubu implements bold reforms aimed at long-term prosperity, including fuel subsidy removal, exchange rate unification, and initiatives to boost non-oil sectors such as agriculture, technology, manufacturing, and services.
Officials maintain that these measures, though painful in the short term due to inflationary pressures, are laying the foundation for sustainable growth and shared prosperity.
Critics often point to high poverty rates recent estimates suggest around 60-63% of the population living below the poverty line, affecting over 140 million Nigerians as evidence of deep-seated hardship.
However, the Presidency argues that aggregate national wealth and potential are frequently underestimated, and the real issue lies in unequal distribution and underinvestment in critical areas like infrastructure, education, and skills development.
The government remains committed to targeted interventions, including social safety nets, job creation programs, and policies to support small and medium enterprises (SMEs), which form the backbone of the economy. Efforts to improve data accuracy on poverty and wealth, enhance fiscal management, and combat corruption are also central to the administration’s agenda.
“Nigeria has no business being poor,” the Presidency has reiterated in various forums, stressing that with sound policies, effective implementation, and collective resolve, the country can translate its enormous endowments into tangible improvements in the lives of its citizens.
The statement calls on media, civil society, and development partners to join in promoting a more balanced narrative one that acknowledges challenges without diminishing Nigeria’s strengths or potential as a rising economic powerhouse on the African continent and beyond.