POVERTY IN THE MIDST OF WEALTH A PARADOX IN NIGERIA

  • Chinnah Promise Chinwe

Abstract

It is unbelievable that a nation as blessed as they are poverty is still endemic. Nigeria is endowed with both material and human resources that are cable of transforming and catapulting her from developing to developed nation within a very short period of time, reverse is the case as Nigeria wallows in perpetual poverty enveloped with all excruciating features of underdevelopment namely poverty, unemployment, low capita income, lack of infrastructural facilities and social amenities, high death rate to mention but few. The paper made use of secondary data and adopted the system approach as theoretical framework for the study, using content analysis. The paper examined why the nation is engulfed with poverty despite human and material resources available. There is nothing to show in form of growth and development in correlation to resources endowed considering the level of poverty that is prevalent and endemic. What are the constraints to eradication /alleviation of poverty in Nigeria? Why political leaders and actors have refused to embrace policies and projects that will help to reduce poverty? What are the uses of our national patrimonial wealth from oil and other resources forms statement of problems for this paper? The aims of the paper are to address the use of our resources judiciously in order to reduce poverty. To suggest policies, mechanisms and strategies for poverty reduction, and to proffer solutions on how poverty can be reduced drastically. The paper identified constraints to poverty reduction which includes lack of political will, corruption, favoritism, kleptocracy, lack of planning, poor policy formulation and implementation. Conclusively the paper made the following recommendations on how poverty can be drastically reduced in Nigeria; they are good policy formulations, proper evaluation and monitoring, active and dynamic institutional framework, strong working anti graft agency, accountability and transparency and good governance.
How to Cite
Chinnah Promise Chinwe. (1). POVERTY IN THE MIDST OF WEALTH A PARADOX IN NIGERIA. ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING ISSN: 2456-1037 INTERNATIONAL JOURNAL IF:7.98, ELJIF: 6.194(10/2018), Peer Reviewed and Refereed Journal, UGC APPROVED NO. 48767, 6(12), 43-52. Retrieved from https://ajeee.co.in/index.php/ajeee/article/view/2465