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Economic Growth and Poverty Reduction in Nigeria

Journal: Sumerianz Journal of Economics and Finance (Vol.1, No. 1)

Publication Date:

Authors : ; ; ;

Page : 31-36

Keywords : Poverty; Gross domestic product (GDP); Ordinary least square (OLS).;

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This study examined the impact of economic growth on poverty reduction in Nigeria. This study was informed by the rising poverty level in the country. it was argued that despite concerted efforts made by successive government through one form of poverty reduction programme and the other to combat poverty still soars in the country. in order to address the conundrum the study modelled selected macroeconomic variables (poverty, unemployment, population, mortality rate, life expectancy rate, corruption, consumption, per capita income, illiteracy rate) and Gross Domestic Product (GDP) in Nigeria using an econometric regression model of the Ordinary Least Square (OLS) to ascertain the effect and relationship in the country's poverty-growth nexus. Findings revealed that there is significant effect and relationship between poverty, unemployment, mortality rate, consumption and Gross Domestic Product (GDP) in Nigeria. Based on the findings of this study, the following recommendations are made: Nigeria poverty reduction programmes should be designed to be measurable and realistic. By targeting the felt need and occupational engagement of the people. Supervised capacity building before and after the implementation of the programmes is imperative. This will help address the challenge of unemployment occasioned by failures of businesses supported by the government. The leadership should cultivate a decisive spirit of patriotism and nationalism which will reinforces itself in high level trust, mutual coexistence, stability and development that will permit accountability, transparency and openness which in the long run would help increase economic growth and reduce poverty. Continued investment in human capital as in use of ICT to educate the poor, can boost the living standards of households by expanding opportunities, raising productivity, attracting capital investment, and increasing earning power. Also, holistic effort should be made by governments to improve basic human welfare in both health and social infrastructure that will eventually reduce the high rate of child mortality as well as improve standard of living.

Last modified: 2020-08-17 14:00:52