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Understanding Nigeria’s high poverty rate: The Classes

23 December 2015, 10:35 Michael Adebola Adeniyi

Nigeria’s is estimated to have about 180 million people while about 45 percent of the Nigerian population currently live below the poverty line, or the income level needed to make a bare-essentials living in Nigeria. This figure depends on a number of factors, below poverty income is currently calculated to be an annual income of N200,000 for a family of four.

The social economic classes define how far the economy is growing and how pronounced the poverty rate in Nigeria is. Below is a statistical survey.

The Lower Class

This is primarily comprised of lower-level citizens, white-collar workers. These workers are typically not educated, and lack the graduate degrees needed to advance to higher levels of employment, or have a degree but remain unemployed but manage to put food on its table. Income for these workers generally falls between N160,500 and N200,000. 45% Nigerians are in this category.

This category is trapped in the poverty rate of 45%.

The Middle Class

They typically have post-graduate degrees and work at high-level, white-collar positions. They are mostly civil servant, traders and vocational professional: Household income for these workers is often above N1m naira annually. According to statistics, we have 15% Nigerians in this category.

The Upper-Middle Class

This professional class workers, earn enough to be in the top one-third of Nigeria’s incomes.
They earn above N4m naira annually, Nigeria have 15% of this category.

The Upper Class

This income level is what is commonly called the “High Class,” or the 4 percentage of Nigerians who make more than N8m naira annually. we have about 4% in this category.

At the top of his economic ladder is the so-called “1 percent,” or households that earn more than $15m annually.
This category is mainly occupied by Politician and Business Moguls

Minimum wages in Nigeria is N18,000. This social economic Class estimate was based on Nigeria’s N4.69Tn naira National budget for 2014, it is imperative that the management of national wealth and the reduction of poverty are the key questions of political economy all over the world today, Nigeria have to do more to bring its people out of poverty rate.

- MyNews24

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