Former Statistician-General of the National Bureau of Statistics (NBS), Dr. Yemi Kale, has raised alarm over Nigeria’s worsening poverty levels, lamenting that the country now has the second-highest number of poor people in the world, only behind India.

Speaking at The Platform Nigeria’s Independence Day event themed Rebuilding Our Nation, Kale revealed that an estimated 89 million Nigerians — about 40% of the population — live below the poverty line.

“To grasp the magnitude of this number, we can consider that fewer than 20 of the world’s 195 recognised countries even have a population larger than just Nigeria’s estimated number of poor,” he explained.

Kale, who currently serves as Group Chief Economist at Afreximbank, warned that these dynamics undermine the very essence of independence, which should guarantee citizens the opportunity to thrive at home.

According to him, much of the problem stems from policy missteps and costly delays in implementing reforms. He argued that reforms Nigeria is only just embarking on should have started over a decade ago, when warning signs were already clear.

“Acting sooner would have significantly softened the impact on households and businesses, sparing the economy years of compounding fiscal and inflationary pressures. Instead, distortive monetary and exchange rate policies lingered, eroding investor confidence and choking off investment,” Kale said.

While acknowledging that ongoing reforms are painful, Kale insisted that “there is really no credible alternative.” However, he stressed that the reforms must be executed consistently, transparently, and with integrity to translate Nigeria’s potential into broad-based prosperity.

“The challenge is to ensure that the path of reform is as painless, humane, and well-sequenced as possible,” he added, warning that poor implementation often results in avoidable hardship for ordinary Nigerians.

Kale concluded by urging the government to strengthen social protection systems so that the transformation is not only economically sound but also socially just.