Functional Utility Of Poverty In Nigeria

Abstract

Nigeria has one of the world’s highest economic growth rates, averaging 7.4%.Ironically, poverty still remains significant at 33.1%. For a country with massive wealth and a huge population to support commerce, a well-developed economy and plenty of natural resources such as oil and other solid minerals, the level of poverty remains unacceptable. As at 2018, population growth rate was higher than economic growth rate, leading to a slow rise in poverty.By2018 end, almost half the population is living below the international poverty line ($2 per day), and unemployment peaked at 23.1%. This paper attempts to locate this paradox on the socio-political and economic administration of the Nigerian people and economy. The paper is organized as follows: Introduction; Literature and Theoretical issues; Political and Economic foundation of poverty in Nigeria; Corruption; Unemployment; Gender inequality:globalization and Conclusion.