A prominent economist has issued a stark warning about Nigeria’s socio-economic trajectory, cautioning that the country may still be grappling with widespread poverty and hunger two decades from now if urgent structural reforms are not implemented.
In an interview featured on Channels Television, the expert, Dr. Ayo Teriba, a respected economic strategist and CEO of Economic Associates, lamented Nigeria’s persistent failure to convert its vast human and natural resources into sustainable growth and improved living standards..
“Nigeria has the potential to be one of the world’s largest economies, but it continues to underperform because of policy inertia and poor governance,” Dr. Teriba said. “Unless there is a radical shift in our approach to economic management, poverty and hunger will remain with us for another 20 years.”
The warning comes against the backdrop of recent World Bank and United Nations reports placing Nigeria among the countries with the highest number of people living in extreme poverty. Despite being Africa’s largest economy by GDP, an estimated 63% of the Nigerian population still lives below the poverty line, with millions facing chronic food insecurity.
Dr. Teriba pointed to the country’s over-reliance on oil revenues, limited industrial diversification, and weak investment in human capital as key obstacles to sustainable development. He emphasized the need for reforms in agriculture, manufacturing, education, and energy, alongside strong institutions to drive accountability and inclusive growth.
“Nigeria must stop recycling old economic models that have clearly failed,” he said. “We need to unleash private sector potential, build export-oriented industries, and make real investments in infrastructure and social services.”
In response to the report, several civil society groups have echoed the call for reform, urging policymakers to move beyond rhetoric and implement people-centered economic policies.
As the nation approaches its next round of general elections, Dr. Teriba’s comments are expected to ignite debate about Nigeria’s economic direction and the urgency of tackling the poverty crisis head-on.
SOURCE: Channels Television/Davidon55