Nextier has called on federal and non-federal stakeholders to take urgent, coordinated action toward eradicating poverty through collaborative strategies, policy discussions, and practical solutions rooted in research, community engagement, and innovation.
At the 2025 Nextier Development Festival themed “Ending Poverty in Nigeria: Diagnosis, Design, and Development,” the organization stressed that tackling poverty requires collective responsibility across government, private sector, and civil society.
Vice President Kashim Shettima, represented by Special Adviser to the President on Power Infrastructure, GCON Sadiq Wanka, noted that eradicating poverty is not just a policy but a duty to every Nigerian. He described the “Poverty Exit Plan” as a national compact for inclusive growth.
“The ‘Poverty Exit Plan’ is not merely a policy; it is a moral imperative. It is the unwavering commitment of the Bola Ahmed Tinubu administration to permanently dismantle the structures of poverty and replace them with a future of shared prosperity.”
Shettima emphasized early reforms like petrol subsidy removal and forex unification, describing them as bold but necessary steps to create fiscal space for investments.
“The removal of the petrol subsidy and the unification of the foreign exchange market were bold acts of economic surgery, essential to stabilize our nation and set it on a path of sustainable growth.”
He explained that the plan rests on three strategic pillars investment in infrastructure, promotion of inclusion, advancing agriculture and value addition.
“Our Poverty Exit Plan is multifaceted and relentless. It is built on three strategic pillars: investing in critical infrastructure, driving financial and economic inclusion, and encouraging value-addition and mechanized agriculture.”
Shettima highlighted early positive outcomes, including higher reserves, narrowing fiscal deficit, rising non-oil exports, and stabilizing inflation, projecting that poverty and inequality could be drastically reduced by 2026.
“If we remain consistent in our application of these policies, our government is confident that we will see GDP growth soaring, inequality reducing drastically, food and multidimensional poverty crashing, and inflation potentially reaching single digits by 2026.”
EU Ambassador H.E. Gautier Mignot also underscored the urgency of tackling poverty, describing it as a moral, political, social, and economic necessity for Nigeria’s stability and growth.
“Reducing poverty is not only a moral or religious duty. It is also a political, social and economic imperative benefitting all.”
Mignot pointed to rural poverty 72% compared to 42% in cities arguing that empowering women and small entrepreneurs with skills, equipment, and capital can lift millions out of poverty.
“My guess is that this is a powerful leverage to bring many Nigerians out of poverty: just empower them to do so by themselves, with a bit of capital, equipment and skills..Women are particularly successful in this pathway.”
He outlined the EU’s ongoing support, including €50 million in humanitarian aid and €100 million from Team Europe, while stressing that Nigeria’s success ultimately depends on its own leadership.
“It is not the EU or international partners in general who will manage to reduce poverty only good domestic economic and social policies can achieve this.”
Partner at Nextier Development Foundation, Dr. Ndubuisi Nwokolo, in his welcome remarks, emphasized the need to first define and understand poverty properly, as this shapes effective responses.
“The way a problem is understood is the way it would likely be addressed.”
He revealed that despite Nigeria spending an estimated $200–225 billion (₦300–₦337.5 trillion) on poverty alleviation between 1999 and 2025, poverty worsened from 42.7% in 1999 to 47.2% in 2025.
“Despite this enormous spending… we see that the situation has worsened, not improved!”
Nwokolo criticized reliance on temporary interventions, such as handouts, and called for deeper, innovative solutions.
“Money alone does not eradicate poverty. Neither do rice distributions nor handing out sewing machines. We need to go much deeper than the knee-jerk reactions.”
Founding Partner at Nextier, Patrick Okigbo III, argued that Nigeria’s reliance on slow, gradual reforms has trapped millions in poverty. He warned that interventions must match the scale of the problem.
“While we seek marginal gains, 133 million Nigerians remain stuck in multidimensional poverty, deprived of basic human dignity.”
Okigbo urged bold, transformative policies backed by state capacity and political will.
“If 133 million Nigerians live in multidimensional poverty, our interventions must be designed for 133 million people, not 133,000 or 13.3 million.”
He concluded with a call for evidence-driven courage in policymaking.
“This is not an argument for reckless policy experimentation. It is a call for evidence-informed audacity.”
