Nigerians Can Come Out of Poverty if…, Say Professors Kperogi and Oyedokun

Two distinguished intellectuals, Prof. Farooq Kperogi and Prof. Godwin Oyedokun, recently appeared on the popular monthly interview program, Boiling Point Arena, to assess the current state of Nigeria’s economy amidst government claims of significant growth and stability. Although their perspectives diverged on some issues, both scholars agreed on one critical point: despite measurable economic expansion in certain sectors, millions of Nigerians continue to sink deeper into poverty, facing hardships that belie official optimism.

The debate, hosted by experienced media practitioner Dr. Ayo Arowojolu and broadcast live across six radio stations in Lagos, Ogun, and Delta States, focused on the theme “Economic Narratives Vs Lived Realities: Measuring the Real Impact of Government Policies on Household Survival in Nigeria.”

Prof. Kperogi, a notable columnist based in Atlanta, took a sharp stance against the government’s abrupt fuel subsidy removal on President Tinubu’s first day in office. He described this policy as a painful blow to ordinary Nigerians and a key factor behind their worsening suffering. According to him, Nigeria’s current economic difficulties are largely driven by unchecked neoliberal policies, exemplified by this sudden subsidy removal, which he termed both irresponsible and an abdication of government responsibility. Drawing parallels to Argentina, which employs similar policies and faces extreme poverty and middle-class erosion, Kperogi warned that superficial economic growth figures mask the true hardships Nigerians endure daily.

ADVERTISEMENT

He argued that true development is measured not by abstract growth statistics but by improvements in citizens’ welfare, especially the most vulnerable. “Growth without development,” he stated, “is not development.” Kperogi criticized the government for creating economic conditions where the wealthy thrive while the poor suffer, highlighting that nations like South Korea and Singapore have set a standard where citizen well-being defines progress.

In contrast, Prof. Oyedokun, an economist and accounting scholar from Lead City University, acknowledged the government’s claims of economic recovery and growth as valid based on recent data, including a 4.6% economic expansion in late 2024 and improvements in the service sector now contributing over half of GDP. He also noted positive commentary from international bodies like the World Bank supporting the notion of external stability and a balance of payments surplus.

However, Oyedokun expressed concern about the persistence of widespread poverty, noting that approximately 39% of Nigerians live below the poverty line. The high inflation rate, particularly food inflation exceeding 20%, and a weak government response to unemployment and underemployment exacerbate the crisis. He pointed out that informal employment and the gig economy make it hard to accurately gauge joblessness, further complicating the economic landscape. The continuing poor infrastructure, notably unreliable electricity, worsens manufacturing and industrial productivity, undermining growth potential.

While defending some policies of the Tinubu administration, Oyedokun criticized the government’s culture of refusing to admit mistakes, especially regarding the politically charged subsidy removal announced on May 29, 2023. He described it as misplaced priority and unnecessary political aggrandizement, which worsened poverty. He warned that many Nigerians exploit the economic hardships to maximize gains, perpetuating price hikes even when conditions improve.

Both professors concurred on the critical need to bridge the gap between the government’s optimistic economic narrative and the harsh realities faced by ordinary Nigerians. Oyedokun emphasized the importance of addressing this “expectation gap” to ensure that economic growth translates into real, felt improvements in people’s standard of living.

The two-hour discourse highlighted the complex interplay of government policy, economic indicators, and everyday survival challenges, fostering a nuanced understanding of Nigeria’s economic condition beyond headline statistics. The program reached audiences in major cities and states known for their vibrant markets and populous communities, including Lagos, Abeokuta, Shagamu, Mowe, and Asaba.