Determinant Of Poverty In Nigeria Economy:- Nwankpa Ifeanyi E

ABSTRACT

This study takes a critical evaluation at the determinant ofpoverty in the Nigerian economy. Poverty concerns individual’s inability to cater adequatelyfor the basic needs offood, clothing and shelter. It reflects inability to meet social and economic obligations; lack of gainful employment, skills, assets andselfesteem. It is anchored on limitedaccess to social and economic infrastructures such as education, health, potable water and sanitation, thus limiting the chance ofadvance welfare to utmost level ofcapability. Despite sustained rates ofeconomic growth in Nigeria, statistics on incomes and social indicators show poverty to be widespread, severe and almost increasing. Although government poverty alleviation programmes feature in many communities, but their effectiveness in addressing poverty is constrained by patterns ofpolitical patronage. This has led to inequality in the distribution offacilities and services, leaving the inaccessible or socially andpolitically marginal communities unserved. While the alleviation of poverty still remains a major objective ofdevelopment policy in Nigeria, the debate continues as to most effective way to achieve this objective. The Ordinary Least Square results, shows that among the six regressors three had significant effect on poverty reduction; financial deepening, life expectancy and gross fixed capital formation, while the remaining three; gross domestic product, trade openness and secondary school enrollment is insignificant meaning that they do not accountfor significant changes in poverty reduction within the period under review. Both the economic, statistics and econometrics criteria were carried out. The result recommends amongst others that in order to improve the living standard ofthe living ever growingpopulation ofNigeria government mustsolidifyfinancialpolicies, exportpromotion, school infrastructure development, encourage trade openness.