Dr. Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, has emphasized the need for a deeper understanding of how poverty is measured in Nigeria and globally.
While discussing Nigeria’s economic challenges, he urged citizens to consider the nuances behind international poverty statistics and the relative strength of the naira in the local economy.
Speaking during an interview, Fasua addressed the growing concerns around Nigeria’s economic conditions, particularly the rising cost of living and currency devaluation.
He noted that while the naira’s exchange rate against the dollar may seem alarming, its domestic purchasing power still holds weight in many everyday scenarios.
Fasua particularly criticized the public’s misinterpretation of “multi-dimensional poverty,” a term commonly used in international reports to assess living conditions beyond mere income.
“Many people assume that multi-dimensional poverty is more severe than food poverty or income poverty,” he said. “But the concept simply means there are other aspects of life where deprivation exists like having limited access to healthcare, education, or transportation. For instance, if your nearest school or hospital is too far away, you’re considered multi-dimensionally poor even if you can afford food and shelter.”
He argued that such classifications often fail to reflect the practical realities of daily life in Nigeria. Using relatable comparisons, Fasua attempted to put Nigeria’s economic situation into perspective by contrasting it with the cost of living in developed countries.
“Right now, $1 equals around N1,500. That might sound staggering, but the purchasing power locally can still stretch far,” he said. “In the United States, you might not get a proper lunch with just $10 sometimes you’ll need $20 or more. That’s roughly N30,000 in Nigerian terms.”
Fasua continued by illustrating how basic needs, such as food, can still be met affordably in Nigeria, depending on location and lifestyle.
“With the equivalent of $5, or about N7,500, you can enjoy a full meal here if you’re not aiming for high-end restaurants,” he said. “In places like Gwarinpa, you’ll find people selling Boli (roasted plantain) and fish for as low as N1,500, and that’s a satisfying meal. It’s all about understanding context and managing expectations.”
He concluded by reaffirming the importance of developing a locally grounded economic perspective, rather than relying solely on global benchmarks that may not accurately capture Nigeria’s socio-economic landscape.
