Nigeria now houses the highest number of people living in extreme poverty globally, according to the World Poverty Clock.

According to its current estimate, around 643,527,400 people all over the world, 8% of the world's population, are currently living in extreme poverty.

Of that figure, an estimated 86,977,400 are currently living in Nigeria, a number that accounts for 44.2% of its current estimated 196 million population.

The estimation is a staggering deterioration from just years ago when 76 million people were living in extreme poverty.

According to the World Poverty Clock, the poverty in the country is still rising with a negative escape rate of -5.8.

At its current progression, Nigeria is expected to have 119,766,229 people living in extreme poverty by the year 2030.

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How Nigeria became world's poverty capital

World Poverty Clock provides real-time poverty estimates until 2030 for almost every country in the world, monitoring progress against ending extreme poverty which is the United Nation's first sustainable development goal.

According to its methodology, the World Poverty Clock uses publicly available data on income distribution, production, and consumption, provided by various international organizations, most notably the UN, World Bank, and the International Monetary Fund.

These organizations compile data provided to them by governments in each country. In the few cases when governments fail to provide data, the agency uses models to estimate poverty in affected countries. The agency's data covers 99.7% of the world's population.

For Nigeria, the general household survey (GHS) from 2012/2013 is used, rather than the harmonized Nigeria living standards survey, because it is more recent and believed to be of higher quality.

The agency notes that the challenges of estimating poverty in Nigeria stem from the fact that Nigeria is not a homogeneous country, especially with distinct differences in economic conditions between the south and the north. National averages conceal these differences and surveys are not sufficiently representative at the state level to draw firm conclusions.

The agency believes poverty has fallen over time along with economic growth in southern states, while it has been more stubborn in northern states but the differences cannot be factored into national level calculations.

Civil unrest and conflict in selected Northern areas where terrorist group, Boko Haram, has been active is believed to contribute to the negative impact on poverty, even though there is insufficient data to quantify it.