The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Organized Private Sector of Nigeria (OPSN) have voiced concerns regarding the World Bank’s projection that Nigeria's poverty rate could escalate to 56% by 2027. They are advocating for immediate, decisive, and coordinated measures to counteract this trend. The World Bank reported that in 2023, approximately 104 million Nigerians, constituting about 47% of the population, were living below the poverty line, a rise from 40% in 2018. The report identifies sluggish economic growth, high inflation, and widening rural-urban disparities as primary factors contributing to this increase. Rural communities have been particularly affected, with poverty levels rising from 67 million to 84 million people, while urban areas saw an increase from 13 million to 20 million.

NACCIMA President, Dele Kelvin Oye Esq., in response to the World Bank’s report, has proposed a 13-point plan of short-term measures aimed at halting and reversing the projected rise in poverty. These measures include targeted economic stimulus packages, increased investment in agriculture, expanded access to credit and microfinance, a supportive and predictable tax environment, and robust vocational training programs for unemployed youth and women.

Oye, who is also the Chairman of the OPS, emphasized the need for well-structured and targeted stimulus packages focusing on vulnerable populations. He suggested that such packages should include cash transfers, food assistance programs, and direct support to small and medium enterprises (SMEs) to stimulate job creation. He stressed the importance of independent monitoring and thorough evaluation across all processes to prevent abuse and corruption, noting that current support systems are often insufficient and lack proper structure.

Oye highlighted the significant reliance of Nigerians on agriculture for their livelihoods and emphasized the necessity for targeted investment in this sector. He proposed subsidizing inputs, providing long-term single-digit credit, and expanding training programs to increase food security and foster sustainable livelihoods. He also advocated for expanding access to microfinance for small businesses, cooperatives, and entrepreneurs to promote self-employment and reduce poverty, with a focus on favorable lending conditions for women and youth, alongside the development of youth-targeted capital to address the ‘Japa Syndrome.’

Furthermore, Oye underscored the importance of establishing robust vocational and skills training programs for the unemployed and underemployed to enhance employability and support new entrepreneurs in high-demand sectors. He suggested strengthening the existing partnership with the German government on vocational training and collaborating with NACCIMA to expand vocational training opportunities nationwide.

Oye also pointed out that improving infrastructure, particularly in rural areas, will increase market access for farmers and small businesses, leading to increased incomes and poverty reduction. He called for tax incentives for businesses investing in underserved regions and prioritizing local employment. He cautioned against recent tax policy directions that risk deterring vital investment and suggested a careful review of such measures to promote business growth and confidence. He also advocated for public-private partnerships to finance economic development initiatives and de-risking major barriers for business investment, such as in the solid minerals industry.

Additionally, Oye emphasized the importance of expanding social safety nets, including unemployment benefits and healthcare access, to provide relief to those facing financial distress and support their recovery. He stressed the need for targeted awareness campaigns to inform vulnerable populations about available government programs and services. He also highlighted the worsening security crisis as a major driver of rural poverty and food insecurity, calling for swift and decisive government action to restore peace and security, especially in rural communities.

Regarding internal trade and the African Continental Free Trade Area (AfCFTA), Oye referenced the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, who noted that Africa must leverage its own resources for development, especially as global aid declines. He advocated for prioritizing intra-African trade and maximizing the opportunities presented by the AfCFTA to boost trade within Africa, which holds immense potential for poverty reduction. He also emphasized the need for Nigeria to reduce its reliance on raw material exports and instead prioritize adding value through local manufacturing, citing AfDB President Dr. Akinwumi Adesina’s point that industrializing via local manufacturing is fundamental to breaking the cycle of poverty and achieving genuine development.