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ECONOMIC GROWTH INEQUALITY AND POVERTY IN NIGERIA
CHAPTER ONE: INTRODUCTION
1:1 BACKGROUND TO THE STUDY
The growth pattern of the Nigerian economy has been quite sluggish over the last two decades. This fact is however connected to the highly increasing level of poverty, which is further exacerbated by the pandemic problem of inequality.
According to the UNDP Millennium Human Development Report (2001), "Nigerian economy has been suffering from severe and persistent regression since the mid-1980's. Its GDP, which was US $93.3bn in 1980 is now currently about one-quarter of what it was a quarter of century ago." The movement backward has been so fast, that Nigeria, which was ranked 20th in terms of size of its GDP currently ranked 57th.
Moreover, associated with this serious economic retrogression in terms of GDP, is the deepening level of poverty in the country. For example, according to NHDR (1998), it was estimated that 48.5 percent of the country's total population (i.e. about 55.0 million) live below the poverty line; current estimates put the percentage at between 66 and 70 percent (i.e. about 70 million people). It was also presented in the millennium report of the UNDP that the prevailing poverty situation in the country is further deepened and exacerbated by the persisting inequality as regard access to wealth, income and productive resources.
The situation is so worrisome that the relevance of the Nigerian economy at the global level is continuously shrinking. According to UNDP Human Development Report (2001), "Nigeria's current contribution to global GDP is rather infinitesimal 0.22 percent, whereas in the 1960's it was 0.55 percent." This fact, further portray Nigeria's declining economic performance, resulting in a lackluster growth pattern.
The above situation therefore, calls for an immediate policy effort to fine-tune the economy in the direction of a reduced poverty and inequality levels that will generate sufficient growth
CHAPTER ONE: INTRODUCTION
1:1 BACKGROUND TO THE STUDY
The growth pattern of the Nigerian economy has been quite sluggish over the last two decades. This fact is however connected to the highly increasing level of poverty, which is further exacerbated by the pandemic problem of inequality.
According to the UNDP Millennium Human Development Report (2001), "Nigerian economy has been suffering from severe and persistent regression since the mid-1980's. Its GDP, which was US $93.3bn in 1980 is now currently about one-quarter of what it was a quarter of century ago." The movement backward has been so fast, that Nigeria, which was ranked 20th in terms of size of its GDP currently ranked 57th.
Moreover, associated with this serious economic retrogression in terms of GDP, is the deepening level of poverty in the country. For example, according to NHDR (1998), it was estimated that 48.5 percent of the country's total population (i.e. about 55.0 million) live below the poverty line; current estimates put the percentage at between 66 and 70 percent (i.e. about 70 million people). It was also presented in the millennium report of the UNDP that the prevailing poverty situation in the country is further deepened and exacerbated by the persisting inequality as regard access to wealth, income and productive resources.
The situation is so worrisome that the relevance of the Nigerian economy at the global level is continuously shrinking. According to UNDP Human Development Report (2001), "Nigeria's current contribution to global GDP is rather infinitesimal 0.22 percent, whereas in the 1960's it was 0.55 percent." This fact, further portray Nigeria's declining economic performance, resulting in a lackluster growth pattern.
The above situation therefore, calls for an immediate policy effort to fine-tune the economy in the direction of a reduced poverty and inequality levels that will generate sufficient growth