Ojo anthonia bolanle: globalization, inequality and poverty in nigeria 77 introduction the world is a global village this is a metaphor that is often used to depict global interdependence and the increasing interaction and the integration of economic activities of human societies around the world 1 over the past decades, the economies of the nations of the world have become increasingly. With a renewed focus on economic diversification, promoting growth in the private sector and driving job growth, gdp grew by 06 percent (year-on-year) in the second quarter of 2017, driven by recovering oil production and some recovery in non-oil industries, too, and modest growth in agriculture. Growth-inequality nexus by employing trend analysis to examine the magnitude and the challenges of the prevailing inequality scenario in nigeria this paper therefore recommends. Economic globalization, income inequality and economic growth in nigeria: a static data analysis (1986-2010) ogunyomi, oluwatosin o1 this study examines the impact of economic globalization on income inequality and economic growth in nigeria from 1986 to 2010 the study methodology was mainly static linear econometric model two models. - reducing income inequality would boost economic growth, according to new oecd analysis this work finds that countries where income inequality is decreasing grow faster than those with rising inequality the single biggest impact on growth is the.
This study examines the relationship among poverty, inequality and economic growth in nigeria by employing macroeconomic variables which include gdp growth rate, per capita income, literacy rate. To inequality in relation to growth and poverty reduction in these countries nigeria, like many developing countries, implemented sap policies in the 1980s, which continued in varying degrees till the late 1990s. Economic growth is the primary driver of poverty reduction yet in nigeria, despite a decade of significant growth and bountiful natural resources, 67% of the population were estimated to live in abject poverty in 2011, while wealth inequality grew. Economic growth averaged over 7% in the 2000s, and yet nigeria is one of the few 8 african countries where both the number and the share of people living below the national poverty line over that period, increased from 69 million in 2004 to 112 in.
Analysis of income inequality and poverty dynamics among rural farm households in abia state, nigeria the study analyzed income inequality and poverty dynamics among rural farm households in abia state, nigeria this is because high level of income inequality produces an unfavourable environment for economic growth and development. 31 monetary poverty analysis 5 32 inequality analysis 6 33 measuring the growth-inequality-poverty relationship 6 the effect of changes in economic growth and inequality on poverty 5 table 2: median adult equivalent consumption expenditure and growth the ghana poverty and inequality report – 2016. Poverty is one of the factors why citizen in nigeria is malnourish and illiterate these two natural resources are very in demand for other who suffers scarcity in petroleum and natural gas nigeria have a 33 per 100 70% of their population is below poverty line this shows that a huge population is poor.
When economic growth increases, the incidence of poverty also increases and this has a decline effect on general agriculture production high level of income. The study found evidence of worsening inequality and poverty in spite of economic growth it was found also that male-headed households seem to have fared worse, and that poverty is more pronounced in rural areas and in the northen regions (zones. A review of the literature indicates that income inequality, the prominence of the oil sector, unemployment, corruption, and poor education and health in nigeria may help to explain the pattern of high ongoing poverty rates in the country even in the presence of economic growth.
Nigeria has one of the world's highest economic growth rates, averaging 74% according to the nigeria economic report released in july 2014 by the world bank poverty still remains significant at 331% in africa's biggest economy. Determinants in rural nigeria with the aim of simple theory and empirical evidence identifying the factors that contribute more to overall indicate that poverty reduction can be achieved by growth differential and suggesting ways of reducing accelerating economic growth and/or by changing the rural income inequality generally. Economic growth in nigeria between 1986 and 2012 other objectives includeascertaining the causes of income inequality in nigeria and recommendations for making the positive. The study, analysis poverty and inequality among farmers in yola north local government area of adamawa state, nigeria primary data was the main source of information used for despite strong economic growth in nigeria, 54 percent of the population remains in poverty hagen-zankeret al , 2012 of significant concern is the fact that the. Economic growth is the most powerful instrument for reducing poverty and improving the quality of life in developing countries both cross-country research and country case.
For instance, with low inequality a country with a growth rate of 2% per head and 40% of its population living in poverty, can halve poverty in ten years, but a country with high inequality would take nearly 60 years to achieve the same reduction. The records of economic growth since the introduction of sap in 1986 have been very disappointing with a real gdp per capita of just=,n 1000, poverty in nigeria is a daily. Estimates of economic growth and inequality elasticities of poverty the growth elasticity of poverty indicates that 1 percent increase in income growth will lead to 0624 percent reduction in poverty.
Economic growth is expected to lead to economic development and increase in the welfare of the masses this is hoped to reduce the existing level of inequality however, the most central problem in nigeria economy today is that there is a sharp disconnect between the level of growth and development what is rather obtainable is that there is growth without development because of the wide gap. Poverty, growth and inequality in nigeria : a case study by ben e aigbokhan publication : 2000 4 pages executive summary context poverty can be defined as the inability to achieve a certain minimal standard of living. It is against this background that this paper analyzes income growth and inequality elasticities of poverty in nigeria over a period of time the results are based on the.