POVERTY REDUCTION AND ECONOMIC GROWTH IN NIGERIA: THE CAUSES, CONSEQUENCES AND WAY FORWARD

Abstract

Poverty has become one of the most critical problems the country is facing, especially since the inception of the present administration. Years of corruption, civil war, military rule, and mismanagement have exacerbated poverty level and hindered the economic growth of the country. Despite being endowed with diverse human and material resources, years of negligence and adverse policies have led to the under-utilization of these resources thereby undermining the economic benefits to the people and skyrocket the incidence of mass poverty in the polity. There is, thus, an urgent need for arresting the high level of poverty in the country in order to address the challenges the country is facing. To therefore improve and sustain the rate of economic growth in Nigeria from which poverty could be reduced, measures such as stable macroeconomic policies, huge investment in agriculture, infrastructural development and good governance are suggested. It is the final submission of this paper that with good governance, the rulers will be able to provide necessary opportunities to the poor including social services, employment, safety nets and security and information that will permit accountability, transparency and openness which in the long run would help increase economic growth and reduce poverty.