Ongoing FG’s Reforms to Lift N50 million Nigerians from Poverty in Ten Tears

Ongoing FG’s Reforms to Lift N50 million Nigerians from Poverty in Ten Tears

By: Michael Mike

Vice President Kashim Shettima has said the Federal Government’s ongoing reforms and development initiatives are aimed at lifting between 40 and 50 million Nigerians out of multidimensional poverty within the next decade.

The Vice President who was represented by the Special Adviser to the President on Power Infrastructure, Sadiq Wanka, at DevFest2025, themed “Ending Poverty in Nigeria,” reinforced the consensus that eradicating poverty is possible if Nigeria sustains reforms, strengthens collaboration, and embraces bold, inclusive strategies organized by Nextier, said: “If we remain consistent in applying these policies, GDP growth will soar, inequality will reduce, food and multidimensional poverty will fall, and inflation could reach single digits by 2026. Overall, our reforms could free 40 to 50 million Nigerians from poverty within a decade, enabling them to fulfil their God-given potential,”

Unveiling the government’s “Poverty Exit Plan”, Shettima described the strategy as both a moral obligation and a strategic compact to ensure no Nigerian is left behind. The plan, he explained, rests on three pillars: investing in infrastructure, driving economic and financial inclusion, and transforming agriculture from subsistence to value-driven, mechanised production.

The Vice President highlighted positive economic indicators already taking shape: external reserves rising to $42 billion, six consecutive months of inflation decline, Naira stabilisation under Central Bank policies, and a 44.3% trade surplus increase in H1 2025, amounting to over N10 trillion.

He disclosed that more than N330 billion has been disbursed to 8.1 million households through Conditional Cash Transfers, while the Nigerian Education Loan Fund (NELFUND) has provided over N80 billion in loans to 400,000 students. In agriculture, the National Agricultural Development Fund (NADF) has attracted over $1 billion to boost mechanisation and value addition.

Shettima emphasized early reforms like petrol subsidy removal and forex unification, describing them as bold but necessary steps to create fiscal space for investments.

“The removal of the petrol subsidy and the unification of the foreign exchange market were bold acts of economic surgery, essential to stabilize our nation and set it on a path of sustainable growth.”

He explained that the plan rests on three strategic pillars investment in infrastructure, promotion of inclusion, advancing agriculture and value addition.

“Our Poverty Exit Plan is multifaceted and relentless. It is built on three strategic pillars: investing in critical infrastructure, driving financial and economic inclusion, and encouraging value-addition and mechanized agriculture.”

Shettima highlighted early positive outcomes, including higher reserves, narrowing fiscal deficit, rising non-oil exports, and stabilizing inflation, projecting that poverty and inequality could be drastically reduced by 2026.

“If we remain consistent in our application of these policies, our government is confident that we will see GDP growth soaring, inequality reducing drastically, food and multidimensional poverty crashing, and inflation potentially reaching single digits by 2026.”

The Head of Delegation of the European Union to Nigeria and ECOWAS, Ambassador Gautier Mignot, underscored that poverty reduction must be driven primarily by sound domestic policies. International partners, he noted, can support but cannot substitute local leadership.

He said: “Poverty reduction is not just a moral duty; it is a political, social, and economic imperative. It reduces instability, strengthens democracy, and drives productivity.”

He stressed the need to listen to the voices of poor communities, not just statistics, and pointed to Nigeria’s entrepreneurial spirit—especially among women—as a powerful force for poverty reduction. He revealed that the EU has committed over €87 million to strengthen Nigeria’s social safety nets and resilience programmes, alongside €150 million in humanitarian support to address food insecurity affecting 33 million Nigerians.

From the state level, Professor Chidiebere Onyia, Secretary to the Government of Enugu State, shared lessons from the state’s multi-sectoral interventions in education, agriculture, and health, which he said are shifting the focus from poverty reduction to poverty eradication.

In his welcome remarks, Dr. Ndubuisi Nwokolo, Partner at Nextier Development Foundation, stressed the need to move beyond short-term fixes and token interventions.

“Money alone does not eradicate poverty. Neither do rice distributions nor handing out sewing machines. We must dig deeper and embrace sustainable, evidence-based solutions,” he said.

Nwokolo urged stakeholders to scale up local innovations, harness Nigeria’s youthful population, and adopt a whole-of-society approach that integrates government, civil society, private investors, and academia.

Patrick Okigbo III, Founding Partner of Nextier, echoed this call, noting that the festival was designed to bring together thoughtful leaders and innovators to co-create practical solutions.

“We refuse to accept that poverty is unsolvable. The time to end it is now, with the right partnerships, policies, and political will,” Okigbo said.

With 40% of Nigerians—over 82 million people—still below the poverty line, the challenge remains daunting, but stakeholders agreed that a mix of consistent policies, grassroots innovations, and international cooperation could set the country on a path to shared prosperity. Nextier Push For Reforms To End Poverty in Nigeria

Meanwhile, the nation’s fight against poverty received a renewed boost on Tuesday as government leaders, development partners, academics, and civil society actors converged at the Nextier Development Solutions Festival (DevFest2025) in Abuja to chart bold pathways for poverty eradication.

Ongoing FG’s Reforms to Lift N50 million Nigerians from Poverty in Ten Tears