By Joseph Erunke, Abuja

The Independent Media and Policy Initiative (IMPI) has attributed Nigeria’s persistent poverty to long-standing challenges in resource management and economic policymaking, particularly during the country’s oil boom years.

In a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, the group said Nigeria’s poverty situation reflects the cumulative impact of decades of policy decisions that did not adequately translate oil revenues into broad-based development.

According to IMPI, economic pressures intensified as revenues from oil windfalls between 1980 and 2015 were not effectively channelled into diversifying key sectors. It noted that the country experienced the effects of what economists describe as the “Dutch disease,” a situation where rising resource revenues coincide with declining competitiveness in other sectors.

“When oil revenues increased, the real exchange rate appreciated, making domestic goods less competitive,” the statement said.

As oil prices fell between 1980 and 1986, IMPI observed that Nigeria struggled with an economy that had become heavily import-dependent, while agriculture—once a major export sector—declined.

The think tank also highlighted what it termed the “Nigerian disease,” a trend where labour shifted from rural farming to urban sectors during periods of temporary wage increases, contributing to food insecurity and rural economic challenges.

It said these developments led to a weakened agricultural system marked by uncompleted irrigation projects, mechanisation practices that did not yield expected benefits, and subsidy programmes that did not adequately support smallholder farmers.

IMPI noted that many public investments during the oil boom years did not generate sufficient employment. It added that although real wages rose between 1972 and 1975, they declined from 1976 to 1994 as labour supply grew faster than demand.

Despite significant social sector spending during the boom era, IMPI said social safety nets were not sufficiently developed to protect vulnerable groups during economic downturns. Following the 1982 oil price collapse, the group added, inflation rose and foreign exchange rationing led to the emergence of parallel market pressures.

The think tank acknowledged that Nigeria recorded strong GDP growth rates—averaging 6–7% between 2006 and 2014—but noted that the expansion did not translate effectively into widespread poverty reduction.

“Despite improved GDP figures, a large proportion of Nigerians remained vulnerable,” it stated.

IMPI expressed optimism that the current poverty-reduction programmes of President Bola Tinubu’s administration could help reverse negative trends and counter the World Bank’s projection that up to 139 million Nigerians may be at risk of poverty by the end of 2025.

The group highlighted ongoing initiatives including:

Subsidised dialysis sessions in federal hospitals, reducing the cost per session

Agricultural microloans of up to ₦100,000 under the FarmerMoni scheme

An expanded Home-Grown School Feeding Programme targeting 20 million pupils

A ₦758 billion bond to support a ₦32,000 monthly pension increase for federal retirees

The Tertiary Institutions Staff Support Fund (TISSF)

The Creative Economy Development Fund (CEDF), offering up to $100,000 for creative enterprises

A national skills programme targeting 20 million youths by 2030

The Digital Access and Livelihood Initiative (DALI) and the Innovation Development and Effectiveness in Acquisition of Skills (IDEAS) project targeting 30,000 youth across 36 vocational skill areas

IMPI said effective implementation of these programmes could reduce multidimensional poverty and support more inclusive economic growth.