Political economist Pat Utomi has expressed his dismay over the alarming poverty levels in Nigeria, labeling the situation as shameful. He highlighted that Nigeria has more impoverished individuals than India, despite India’s population being seven times larger.
Utomi shared these concerns during “The New Tribe” Global Village Square Town Hall meeting in Victoria Island, Lagos. He stated, “This country of great potential, as we celebrate 64 years of independence, is still crawling. It has become the place of domicile for the poorest people on the planet. The Brookings study a few years ago showed how, in absolute numbers, there are more poor people in Nigeria than in India. That should make anybody feel ashamed. How? Explain to me how the richest can become the poorest.”
He emphasized the deterioration of values in Nigeria, linking it to the country’s ongoing struggles.
“Fundamentally, progress is dependent on culture and values. And if you look at Nigeria, the one clear thing is the collapse of culture. The values have gone south. People don’t have a sense of shame anymore. Our political class is an embarrassment,” Utomi remarked.
Utomi also criticized the failing institutions in Nigeria, particularly in the justice sector, which he believes are barriers to attracting investors. He noted, “The Nigerian judiciary is considered a joke around the world. Nobody takes it seriously. Investors don’t come to Nigeria because they say to you, ‘If I have a dispute with a partner in Nigeria, going to court is a waste of time. Complete waste of time.’ They prefer to go to a country where the returns can be less but where at least they know some justice can be obtained from the courts.”