In sum, economic growth is a crucial factor in poverty reduction, but the level of inequality and its evolution affect its impact on poverty. Growth was highest in West Africa at 5.5 per cent, partly as a result of a boost in oil output in the Delta region of Nigeria following the reduction in hostilities. c b. Tweet Like Share # Shares: 0. Nigeria: Poverty Reduction Strategy Paper— National Economic Empowerment and Development Strategy Poverty Reduction Strategy Papers (PRSPs) are prepared by member countries in broad consultation with stakeholders and development partners, … economic growth of third world economies with specific reference to Nigeria. role as the engine of economic growth and poverty reduction on the continent. In developmental economics, the Poverty-Growth-Inequality Triangle (also called the Growth-Inequality-Poverty Triangle or GIP Triangle) refers to the idea that a country's change in poverty can be fully determined by its change in income growth and income inequality.According to the model, a development strategy must then also be based on income growth and income inequality. Based on this assertion, this study examines the extent to which intermediation or credit to agricultural sector of the economy has influenced economic growth in Nigeria … development of Nigeria’s Economic Recovery & Growth Plan (ERGP) (2017-2020), a Medium-Term Development ... needs to suffer a further reduction in funding allocation. East Africa posted a 4.3 per cent growth, much higher than the earlier estimate of 3.9 per cent, while North Africa posted a GDP growth rate of 3.6 per cent. Some earlier studies suggested that poverty actually declined in the first seven years of the reforms, but debate raged about the effect of the reforms. Excessive external debt constitutes obstacle to sustainable economic growth and poverty reduction (Maghyere and Hashemite, 2003; Sanusi, 2003 and Berensmann, 2004). The MPO consists of individual country notes that provide an overview of recent developments, forecasts of major macroeconomic variables and poverty during 2021-2023, and a discussion of critical challenges for economic growth, macroeconomic stability, and poverty reduction moving forward. This increased the vulnerability of African populations to the spread of diseases and to other health problems…. Although economic growth is the engine of poverty reduction, it works more effectively in some situations than in others. The trend and evaluation of China’s poverty reduction(1978-2002) 1.1 China has made great achievements in poverty reduction China’s economy has entered the take-off stage since 1978─the average growth rate of per economic growth for those countries with the highest burden, Nigeria inclusive. The paper adopts ex-post facto research design in explaining the influence of FDI on Economic growth of Nigeria from 1981 to 2009. Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank. Years of corruption, civil war, military rule, and mismanagement have exacerbated poverty level and hindered the economic growth of the country. management to poverty reduction and growth in the region, the reasons for its slow expansion and apparently poor track record, as well as the ways in which increased investment in agricultural water management could make a sustainable contribution to further poverty reduction and growth. macro-economic policies and regional developing policies, etc. Industrial development and economic growth 299 tion in overall poverty in the 1981-2001 period. For instance, Demirgue-Kunt, Beck and Honohan, (2008) (Johnson and Murdoch, 2008) Hannig and Jansen (2010) noted that financial sector development is a driver of economic growth which indirectly reduces poverty and inequality (1983) “Integrated Economics: A Study of Developing Economies”. [key words] economic growth , poverty reduction I. Federal and state governments, as well as development ... poverty, safeguard the planet and ensure that all people enjoy peace and prosperity by the year 2030. Poverty Reduction Strategies in Nigeria To reduce poverty various schools of thought advocates a number of measures. Nigeria in particular typifies a country in this prosperity – poverty conundrum. The paper examined the causal nexus between public debt and economic growth in Nigeria between 1970 and 2010 using a Vector Autoregressive (VAR). The surge in economic growth has been relatively widespread and simultaneous (Radelet, 2015): since 1995, real GDP has grown at an average rate of 4.7% across all developing countries. Estimating Economic Growth and Inequality Elasticities of Poverty in Rural Nigeria Adigun, G. T., T. T. Awoyemi and B. T.Omonona Department of Agricultural Economics, University of Ibadan, Ibadan, Nigeria Abstract: In order to achieve poverty reduction, both economic growth and equity have assumed a … Nigeria has maintained remarkable growth over the last decade, recording an average growth rate of 6.8 percent from a large economic base and the potential for further growth is … macro-economic policies and regional developing policies, etc. country’s performance is at odds with the general international trend of poverty reduction, in particular in other countries experiencing rapid economic growth (Ajakaiye et al. The share of the population living below the national poverty line decreased from 30% in 2011 to 24% in 2016. ... 37 Full PDFs related to this paper. Measuring Economic Growth. It was found that the re-allocation of government expenditure to education sector is important in determine economic growth and the reduction of poverty in Nigeria. Research that provides a better understanding of the conditions of urban poverty also has implications for economic policy and development. Nigeria in the New Decade: Priority for Accelerated Growth, Job Creation and Poverty Reduction. As Nigeria’s Gross Domestic Product (GDP) per capita grew by nearly 70% between 1992-2009, poverty rates fell by 6%. Download PDF Package. However these high levels of economic growth have not translated to The implication of this is that while growth reduces poverty, it also addresses inequality. Cross-country studies on economic growth and poverty reduction indicate that a 1% increase in growth has been associated on average with a 1.5% reduction in poverty. The available evidence reinforces the argument that urban economic growth is an important contributing factor for poverty reduction in Nigeria – but more and Some of the key opportunities, challenges and risks faced by the agrifood sector (encompassing agriculture and agroindustry) and considered in this policy framework include: that poverty will remain a predominantly 37 Full PDFs related to this paper. Nigeria Transforming Agribusiness for Inclusive Recovery, Jobs Creation, and Poverty Reduction : Policy Reforms and Investment Priorities. The Economic Model postulates that corruption affects poverty by first impacting economic growth factors, which, in turn, impact poverty levels. PDF. Introduction In most cases the growth in the economy of any nation is a clear indication of an improvement in the socio-economic well-being of its people. Following the oil price collapse in 2014–2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015. The poor participate much more in growth in the agricultural sector, especially in low-income countries, resulting in much larger poverty reduction impact. Growth in turn was expected to contribute noticeably to improved equity in the country. Cross sectional country level data between 1991 and 2010 is used to examine the relationship existent between these variables within the West African region. chapter examines Africa’s private sector, which accounts for over four-fifths of total production, two-thirds of total investment, and three-fourths of total credit to the economy, and … Eeconomic growth in Sub-Saharan Africa is projected to decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years. This is the second in a two-part series on measuring and understanding economic growth and poverty in Nigeria, presenting findings from EPAR Technical Report #327. while economic growth generally was an important contributor to poverty reduction, the sector mix of growth mattered substantially, with growth in agricultural incomes being especially important. the problem of poverty among Nigerians and the entire black Africa. For instance, the Mercantilists laid emphasis on foreign trade which according to them is an important vehicle for the promotion of economic growth and poverty reduction. 2 014). Those who argue that external debt has positive effect on the economy do that from the stand The empirical result of the study supports a positive effect between economic growth … These reforms were expected to revitalize the economy?s growth. Keywords: Poverty Reduction, Agricultural Development, Millennium Development Goals. The variables used in the study were tested for stationarity using the Augmented Dickey Fuller and Philip Perron test. 9 Two key factors that appear to determine the impact of growth on poverty are the distributional patterns and the sectoral composition of growth. as financial inclusion tools to stimulate poverty reduction. Industrial development and economic growth 299 tion in overall poverty in the 1981-2001 period. The economic austerity policies attached to World Bank and IMF loans led to intensified poverty in many African countries in the 1980s and 1990s. A short summary of this paper. Trade Liberalization Economic Growth and Poverty Reduction in Nigeria. Adigun, G. T., Awoyemi T. T., & Omonma, B. T. (2011) “Estimating Economic Growth and Inequality Elasticities of Poverty in Rural Nigeria” International Journal of Agricultural Economics and Rural Development 4(1), 25 – 35. Real GDP expanded by 2.28% in the third quarter of 2019, averaging 2.17% in the first three quarters of the year. READ PAPER. READ PAPER. PDF. The formal sector of the economy, which represents the aggregate output, grew by 0.8% in 2017.5 This weak growth might not be enough to reduce poverty levels in the country. In India, the Gini coeffi-cient of household consumption expenditure fell in the 1950s as a result of In recent years, all her efforts to grow the economy, Nigeria’s rate of economic growth has remained very volatile and sluggish. While its economic growth indicators have been good, human development indicators have been poor. economic growth and poverty reduction, food and nutrition security, and environmentally sustainable food production. 7. T he Nigerian economy is still on the path of recovery, however, at a slow momentum and high level of fragility. Federal and state governments, as well as development ... poverty, safeguard the planet and ensure that all people enjoy peace and prosperity by the year 2030. The Nigeria economy has experienced robust GDP growth rates over the reform period 2000 to 2010. This . In essence financial inclusion is complementary to economic growth as the two contribute toward poverty alleviation. PDF. International Journal of Business and Management, 2013 ... Download PDF. against poverty. Economic overview. growth and economic stagnation, poverty is set to rise further in 2021 to 94 million. 2.3. The formal sector of the economy, which represents the aggregate output, grew by 0.8% in 2017.5 This weak growth might not be enough to reduce poverty levels in the country. Download PDF. to reduce poverty in Nigeria. Trade Liberalization Economic Growth and Poverty Reduction in Nigeria. Download Free PDF ... Trade Liberalization Economic Growth and Poverty Reduction in Nigeria. Download. Ghana over the past two decades has enjoyed steady and robust growth, mainly through a modification in its economic structure: as the economy gradually shifted out of agriculture and into services, the country experienced noticeable advances in productivity. Real GDP expanded by 2.28% in the third quarter of 2019, averaging 2.17% in the first three quarters of the year. This study uses an economy-wide, dynamic computable general equilibrium (DCGE) model to analyze the ability of growth in various agricultural subsectors to accelerate overall economic growth and reduce poverty in Nigeria over the next years (2009-17). This is nearly half as fast as what Sub-Saharan Africa has achieved relative to the same level of growth (0.5 percentage points). This study examines the impact of economic growth on poverty reduction in Nigeria using secondary data spanning from 1999 to 2014. 1999). The prevalence of mass poverty in Nigeria, that claims to be the giant of Africa reflects the poor management and performance of the economies of the various states in Nigeria. economic development as well as the link between financial development and poverty reduction via economic growth from both micro and macro perspectives, example, Levine (2004), Fitzgerald (2008), Nzotta and Okereke (2009), etc. This study examines the relationship between the components of defense spending and poverty reduction in Nigeria for the period 1990-2010. It explained that output growth would not be accompanied by a reduction in poverty, unemployment and underemployment rates, especially given the weak correlation between outputs in short term Nigeria. IOSR Journal of Economics and Finance (IOSR-JEF) e- ISSN: 2321-5933, p-ISSN: 2321-5925. Using a multiple regression analysis this paper therefore examines the impact of economic growth on poverty reduction in Nigeria by taking into consideration … Similarly, the cointegration results showed that there is no long-run relationship between unemployment, poverty and economic growth in Nigeria. This paper. This is more than twice the 1.5 percent average per capita growth recorded in the past decade, and would call for annual per capita growth rates of between 2 percent and 6 percent depending on the country. Women entrepreneurs in Nigeria are major contributors to economic growth because without any doubt, they are generating employment (Iyiola and Azhu, 2014). Abstract. Economic Growth and Development ISBN 978-92-1-112907-6 Commodities and Development Report 2017 Commodity Markets, Economic Growth and Development UNCTAD and FAO UNITED NATIONS Layout and Printing at United Nations, Geneva – 1733300 (E) – December 2017 – 2,398 – UNCTAD/SUC/2017/1 Nigeria might need to tilt towards an informal driven economy to create more employment and significantly reduce poverty. Major economic reform policies were introduced by the government of Nigeria in mid 1986. T he Nigerian economy is still on the path of recovery, however, at a slow momentum and high level of fragility. This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in Nigeria, employing the Johansen Co-integration and Granger … A deterioration in the growth rate as … After two decades of economic stagnation and little progress in poverty reduction, the seeds of an economic renaissance in sub-Saharan Africa, with faster growth and less poverty, have been sown in recent years. The relative concept refers to economic growth that proportionally benefits the poor more than the non-poor. International Journal of Business and Management, 2013. The consistent higher economic growth brought with it positive trends in poverty reduction in both urban and rural areas. Role of Agriculture in Economic Growth and Poverty Reduction in Nigeria.The purpose of the study was to determine the role of agriculture in Berita Sekolah Terkini Portal Pembaruan Pendidikan Berperingkat Terbaik di Dunia; Ujian dan Panduan Akademik, Pekerjaan Bergaji Tinggi & Situs Beasiswa Trade Liberalization Economic Growth and Poverty Reduction in Nigeria. Between 1995 … A. Pro-growth policies for poverty reduction The PRSP Sourcebook defines economic growth as the “single most important factor influencing poverty.” Consistent with this definition, growth strategies appear to have typically been among the key elements of African policymakers’ poverty reduction … Economic liberalization and poverty reduction 99 Box VI.1 Trade liberalization and exports in Africa According to proponents of trade liberalization, increased exports following trade liberalization In the past decade, the country experienced relatively rapid growth with an average growth in GDP Muhammad Yusuf. Even in periods of economic growth, Nigeriansdid not experience considerable or commensurate poverty reduction. READ PAPER. 37 Full PDFs related to this paper. In recent years, all her efforts to grow the economy, Nigeria’s rate of economic growth has remained very volatile and sluggish. Download. Analyses welfare, living conditions, and poverty reduction; Contributions from local and international experts who identify and explain trends in monetary and non-monetary poverty and their links to growth; While the economic growth renaissance in sub-Saharan Africa is widely recognized, much less is known about progress in living conditions. problems represent the greatest problem facing SMEs in Nigeria while non-availability of raw materials locally is the least problem. Hence, this paper examines the role of financial inclusion in the reduction of poverty in Nigeria. Poverty situation in this country is a special scenario that is beyond human reasoning because the nation is endowed with numerous material resources, but more than two-third of its population is living in abject poverty. The government has launched a new 10-year perspective plan which will run from 2020/21 to 2029/30. Download Full PDF Package. Download Full PDF Package. A cause for worry at the moment is the growing resistance of the disease This paper. The trend and evaluation of China’s poverty reduction(1978-2002) 1.1 China has made great achievements in poverty reduction China’s economy has entered the take-off stage since 1978─the average growth rate of per Economic theory and empirical evidence both demonstrate that there is a direct causal link between corruption and economic growth. Title: Poverty in a Wealthy Economy: The Case of Nigeria - WP/02/114 Created Date: 7/16/2002 4:07:28 PM The coronavirus is hitting the region’s three largest economies —Nigeria, South Africa, and Angola— in a context of persistently weak growth … Aboyade O. The result showed that the variables are stationary at first differencing. Premium PDF Package. In this study we depart A new approach is expedient. Keywords: Nigeria, Economic growth, Poverty reduction, Difference -in difference 1. poverty: an economic model and a governance model. Economic growth is one of the surest and most sustainable ways of combating poverty. In order to understand Nigeria’s growth and rising poverty levels, one needs to understand the economic constraints imposed by the absence of a real manufacturing sector. A short summary of this paper. Nigeria. Four models were estimated using … • Mozambique illustrates the rapid reduction in poverty associated with growth over a shorter period. • National economic growth does seem to be at least modestly associated with changes in lived poverty. 1 Department of Banking and Finance, Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus P.M.B 6059 Awka, Anambra State. 3.2 Poverty Reduction Strategies in Nigeria and Multi-dimensional Nature of Poverty 124 4.13 Targets for Implementing Poverty Reduction 124 4.14 Avoidance of Duplicating Poverty Reduction Programmes 125 3.1 Poverty Reduction Strategy Paper (PRSP) and Africa lives with less than US$2 per day, in Nigeria, Ethiopia, Uganda, Zambia and Burundi, the incidence of poverty among young people stands at over 80% (ADI 2008/2009, World Bank). were also leading contributors to global poverty reduction between 2008 and 2011. The short-run parameter estimates indicated that unemployment has a negative and significant relationship with growth. This study examines the impact of economic growth on poverty reduction in Nigeria using secondary data spanning from 1999 to 2014. Trade Liberalization Economic Growth and Poverty Reduction in Nigeria. They therefore concluded that financial intermediation leads to growth. This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in Nigeria, employing the Johansen Co-integration and Granger … Nigeria might need to tilt towards an informal driven economy to create more employment and significantly reduce poverty. Macroeconomic Volatility, Private Investment, Growth, and Poverty in Nigeria By Douglas Addison and Quentin Wodon Assessing the Cost of Macroeconomic Volatility From Higher Private Investment and Growth to Poverty Reduction Conclusion References LIST OF TABLES 2.1: Key Macroeconomic and Public Spending Summary Statistics for Ghana, 1991–99 Several studies have revealed that the increasing rate of women participation in Nigeria in the New Decade: Priority for Accelerated Growth, Job Creation and Poverty Reduction. It examines the roles of government and financial institutions and the use of various mobile initiatives such as mobile banking, mobile money, agent banking etc. Poverty has become one of the most critical problems the country is facing, especially since the inception of the present administration. 1.4 In resource-poor countries suffering from net trade losses due to higher import prices for food and energy, growth in per capita income is too low. Studies on economic growth indicates that economic growth is essential for poverty reduction, especially when it leads to increase in employment and improvement in opportunities for productive activities among the people that are poor. While most studies on defense spending and poverty rely on monetary measure of poverty, this study constructed poverty index from human development indicators using principal component analysis. Examining trends across 17 countries between 2001 and 2007, lived Introduction Poverty in Africa has become a subject of national concern in the last two decades. The seemingly intractable trend of this ancient scourge has compounded the national and household poverty due to intensive loss of productive time to attack and death. development of Nigeria’s Economic Recovery & Growth Plan (ERGP) (2017-2020), a Medium-Term Development ... needs to suffer a further reduction in funding allocation. Volume 9, Issue 5 Ver. In India, the Gini coeffi-cient of household consumption expenditure fell in the 1950s as a result of However, while the proportion of impoverished Between 1996 and 2002, the economy grew by 62 per cent and the proportion of people living in poverty declined from 69 per cent to 54 per cent.5 Growth transforms society The positive link between growth and poverty reduction is clear. Official data shows that poverty fell from 69.7% in 1996 to 46.1% in 2015 but for each percentage point of economic growth between 1996 and 2009, poverty only reduced by 0.26 percentage points. Addison Wesley publishers limited Ibadan. Download Free PDF. In 1985-1992, there was a slight increase in GDP and per capita income, and there was a slight drop in aggregate poverty headcount level (from 46.3 to42.7 per cent), but inequality A new approach is expedient. For the past two decades, Nigeria has borrowed large amount, often at highly confessional interest rates with the hope to put them on a faster route for development through higher investment, faster growth and poverty improvement but on the constant economic growth and poverty situation are staggering at the door admit excess Part two discusses the relationship between economic growth and poverty reduction in Nigeria, explores factors that may influence this relationship, and highlights how this relationship potentially affects aid allocation to countries like Nigeria. problems represent the greatest problem facing SMEs in Nigeria while non-availability of raw materials locally is the least problem. THE RELATIONSHIP BETWEEN GOVERNMENT EXPENDITURE, ECONOMIC GROWTH AND POVERTY REDUCTION IN NIGERIA 1Chude, Nkiru Patricia 2Chude, Daniel Izuchukwu and 3Associate Prof. Anah, Stanely Arinze. Using data from the World Bank and the Nigerian National Bureau of Statistics, we find that while the relationship between economic growth and poverty in Nigeria varies depending on the time period studied, overall from 1992-2009 Nigeria’s poverty rate has only declined by 6% despite a 70% increase in per capita gross domestic product (GDP). Nigeria became Africa’s largest economy in 2014. Relative approach is used as it looks into the relation between growth and poverty reduction because it implies a reduction in relative inequality. [key words] economic growth , poverty reduction I. Nigeria is highly vulnerable to the global economic disruption caused by COVID-19, particularly due to the pronounced decline in oil prices and spikes in risk aversion in global capital markets. SSRN Electronic Journal, 2000. activities and reduction of liquidity risks. Evidence from the literature showed that FDI is a key ingredient for successful economic growth in developing countries. Download. The purpose of this study is to examine the interplay of economic growth and employment in the reduction of poverty amongst West African Countries. Estimating Economic Growth and Inequality Elasticities of Poverty in Rural Nigeria Adigun, G. T., T. T. Awoyemi and B. T.Omonona Department of Agricultural Economics, University of Ibadan, Ibadan, Nigeria Abstract: In order to achieve poverty reduction, both economic growth and equity have assumed a … Poverty situation in this country is a special scenario that is beyond human reasoning because the nation is endowed with numerous material resources, but more than two-third of its population is living in abject poverty. against poverty reflected both a lack of overall growth and a sectoral pattern of growth that did not favor poor people. The MDG target for Nigeria in terms of poverty reduction is to reduce the percentage of population living in relative poverty from 54.4% in 2004 to 21.4% by 2015.
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