Causes of poverty in nigeria - africa economics given the magnitude and spread of poverty, and the desire to curb its spread, there is a need to identify the causes of poverty. Let us consider the major causes of poverty in nigeria according to data collected in 2016, 112 million inhabitants of nigeria are poor a similar test in 1990 revealed that only 51 million citizens were needy at the time. Let us look at 5 causes of poverty in nigeria 1 low economic growth performance a viable economy is essential for provision of employment thus reducing poverty levels in the nation the nigerian economy has a low performance and the growth rate is very low this has contributed to the level of poverty in the country.
President muhammadu buhari has identified corruption as the main reason for the prevalence of poverty in the midst of plenty in nigeria saying that two-thirds of nigerians are extremely poor. The causes and effects of poverty in africa are fueling a seriously vicious cycle that stops africans from getting the most basic services it affects simple water supply, sanitation, health care and education in incredibly diverse ways.
Human poverty is more than income poverty, it is the denial of choices and opportunities for living a tolerable life (united nations, 1997) poverty amid plenty id challenge on the other hand, unemployment is one of the developmental problems that face every developing economy in the 21 st century. Causes of poverty in nigeria low economic growth performance: an essential factor that works towards alleviating poverty and reducing the rate of unemployment in any country, is a strong and viable economy the performance rate, as well as the growth rate of the nigerian economy, is disappointingly low and the country owes a large percentage of its poverty level to this very reason. The main causes of poverty in nigeria include: 1 large families having large families is one of the causes of poverty in nigeria as in most of the third world countries, family sizes are usually large it is common to see a man with as many as four wives and plenty of children.
For instance, nigeria as a country located in west africa witnesses economic hardship and it is a cause of the poverty of her citizens according to world bank data in 2012, nigeria has a population of 1688 million. Nigeria is one of the poorest and most unequal countries in the world, with over 80 million or 64% of her population living below poverty line the situation has not changed over the decades.
Here are the top 5 causes of poverty in nigeria for the year 2018 checkout this post and find out the reasons nigerians remain poor, even with all the natural resources in the country let us take a look at the top 5 causes of poverty in nigeria today, 2018 1. Apart from barefaced theft of public funds, corruption has also been cited as the main reason for poor policy choices, the prevalence of poverty in the midst of plenty and waste of resources in. Official poverty and unemployment statistics for nigeria can make bleak reading, even when compared with similar data from less wealthy countries in sub-saharan africa the latest figures from the national bureau of statistics (nbs) indicate that both the unemployment rate and the proportion of.
In 2002, nigeria‟s human poverty index (hpi) for 2009 was only 362% placing nigeria at the 114 th position and among the 7 th poorest nations in the world while the ratio of the richest 10 percent to the poorest 10 percent was 163 with gini index from 429 in 2004 to 447 in 2010. 15 causes of poverty in nigeria poverty or this case of lack is not limited to the level of individuals but also reaches the national level it is caused by a variety of factors which include but are not limited to: poor saving culture, poor knowledge of investment strategies, unemployment, corruption, violence, laziness, underutilization of resources, inequality, absence of economy diversification, education system. 3 nigeria poverty profile and causes of poverty 31 the poverty profile nigeria's economy relies heavily on oil, which constitutes almost all its exports and budgetary revenues in 1973, the first oil shock brought a dramatic positive impact on most economic indicators real per capita income, private consumption and real wages rose sharply.
An expanding country: four of the main causes of poverty in nigeria nigeria, located on the west coast of africa, is a country known for its booming oil economy and the amount of people it harbors within its borders. There are many poor people in nigeria, and poverty pushes them into corruption according to world bank group, in 2004, 631% of nigerians were poor the poverty level increased in 2010. Nigeria is a country which produces columbite, tantalum, gold, zirconium, tungsten, uranium, thorium and more in terms of production of columbite, nigeria is a world leader, and it enters the top ten when it comes to tin mining.
However, poverty may have been overestimated due to the lack of information on the extremely huge informal sector of the economy, estimated at around 60% more, of the current gdp figures  poverty in nigeria can also be caused by the political instability of the country. The distinction between causes and effects of poverty is fuzzy, our discussion below will show that these factors seem more likely to be causes than effects of poverty in nigeria some of the more obvious effects or dimensions of poverty in nigeria are provided in the. Poverty in nigeria: nigeria has one of the fastest growing economies in the world petroleum and oil resources plays a large role in the nigerian economy the country is the 6th largest producer of petroleum in the world it is the 8th largest exporter and has the 10th largest proven reserves. Extreme poverty remains high in rural parts of nigeria, where political instability, low access to education and inadequate healthcare are contributing factors of the nation's high rate of poverty.