Poverty in Nigeria, Africa.
According to the definition given by Wikipedia, Poverty is a multifaceted concept, which may include social, economic, and political elements. Absolute poverty, extreme poverty, or destitution refers to the complete lack of the means necessary to meet basic personal needs such as food, clothing and shelter.
What is poverty in simple words?
Poverty means not having enough money for basic needs such as food, drinking water, shelter, or toilets.Simply Put.They may or may not have a job, but do not earn enough money for basic things such as food and a home.
This is Poverty.
What are the main causes of poverty?
Causes to poverty, or things that can lead to a poor living are changing trends in a country's economy. This is also associated with the lack of education, high divorce rate, a culture of poverty, overpopulation, epidemic diseases such as AIDS and malaria and environmental problems such as lack of rainfall amongst many other things which could lead to a poor living.
Are Nigerians poor?
This question is one that has kept me lost in thoughts for a very long time.
The truth is, Nigerians are very poor and this is a fact we must come to accept if we intend to change that.
Poverty has risen in Nigeria, with almost 100 million people living on less than a $1 (364 Naira) a day, despite economic growth, statistics have shown. The National Bureau of Statistics said 60.9% of Nigerians in 2010 were living in "absolute poverty" - this figure had risen from 54.7% in 2004
In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic - putting total debt at $44 billion(16.06 Trillion Naira).
Despite putting all this into consideration, we still label ourselves as the giants of Africa even with all the Debt the country is in.
Another formidable threat posed on the countries economy is terrorism.
The mass emigration of Nigeriancitizens, who are non-indigeneous to the northern region of the major conflict-affected cities and the rush to escape from the north which is already affecting the profitability of business establishments in that region.
Could lack of capital also be a cause of poverty?
Yes it can.
How?
Why is capital important for economic growth?
Capital Investment, Capital Goods and Economic Growth. Improved capital goods increase labor productivity.This expanding capital structure raises the productive efficiency of labor. As labor becomes more efficient, more goods are produced (higher gross domestic product) and the economy grows.
Does it mean the government should aid with capital for economic development?
Can Poverty be eliminated? And how?
Yes it can!!!!
Enhancement of economic growth with a targeted action
End all forms of poverty
Commit national governments to end extreme poverty.
Develop national poverty reduction plans.
Access to credit.
Continue to support the poorest people through aid.
Equal education.
Access to health care.
In order for Nigeria to make appreciable progress on poverty reduction and ensure that the majority of its people enjoy improved quality of life, there has to be an increase in national expenditure allocated to social services; an increase in the capacity to deliver public services and better utilisation of resources. In addition, development projects implemented at the Federal Government level need to be continued and replicated across the States and Local Government Areas.