DEVELOPMENT AND CHRONIC POVERTY IN NIGERIA: AN EXAMINATION OF OBASANJO'S ECONOMIC REFORM PROGRAM
DOI:
https://doi.org/10.46827/ejsss.v0i0.635Keywords:
development, chronic poverty, MDGs, sustainable development goals, economic reform programAbstract
There is no doubt that Nigeria under Obasanjo's administration is engulfed in a web of chronic poverty, which affects its performance in the development arena. The country has all it takes to develop but unfortunately it could not due to the complex nature of the country's social problems. The country is endowed with vast agricultural and natural resources, and has a relatively important industrial sector (48% of the GDP in 2001), as compared to other West African or Sub-Saharan countries (less than 30%). The recent Human Development index has placed Nigeria among the 20 poorest countries in the World. It is estimated that up to 70% of Nigerians are living below poverty line. Nigeria has been branded by the international community as the second most corrupt nation in the World. For three consecutive years, 2000, 2001 and 2002, it has maintained that unenviable position. The rating came up as a consequence of several failed attempts by the Obasanjo’s administration to wipe out corruption and poverty or reduce them to a tolerable level in the polity. In the same vein, within the Obasanjo’s administration the country has been engulfed in a series of conflicts resulting in the lost in lives and property. Various developmental strategies have been adopted by the Obasanjo's administration, yet the situation is not very encouraging. We have passed the 2015 deadline for the achievement of the MDGs, the poverty eradication policies are judged to be unsatisfactory and inadequate in meeting the MDGs. It is absolutely frustrating and painful when you realize the immense potentials of Nigeria. Eight years is enough time for any administration to sort out the fundamental problem of the country (poverty). Against this backdrop, the paper examined the various developmental strategies for combating poverty in Nigeria. This is with a view to proffering policy recommendations for the present administration on how best to alleviate poverty in Nigeria to achieve the sustainable developmental goals now in place.
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