Top Reasons for Poverty in Nigeria
- Corruption: Corruption is the major reason why poverty is at such a high rate in Nigeria. In fact, many economist have declared that it is the “single greatest obstacle” that prevents Nigeria from prospering. Corruption is present in the everyday lives of citizens from businesses to the government. Consequently, poorer communities are suffering and the economic structure has experienced disruption.
- Unemployment: The high rates of unemployment also lead to extreme poverty. Unemployment typically exists among the younger population. In fact, only about 44.6% of young people have employment, leaving more than half of the population is unemployed. A major cause of unemployment is the fact that people tend to focus more on oil production rather than a variety of other industries. Not only does the country suffer from a lack of employment but it also suffers from a lack of development, progress and diversification of its industries.
- Inequality: Along with corruption and unemployment, another major driver of poverty in Nigeria is the presence of inequality within the nation. Nigerian women are subject to unequal treatment in terms of labor, education and property. While about 79% of women make up the rural labor force, they are the least likely to own their own property. Along with this, only about 6% of Nigerian women have achieved literacy, the rest are still illiterate. Inequalities in Nigeria are a result of poorly allocated resources and corruption. While Nigeria has plenty of resources, these resources are typically reserved for the wealthy who can afford them. Along with this, corruption within the government leads to further inequalities between the political elite and to those living in poverty.
By reducing corruption and improving employment and educational opportunities, Nigeria can help its citizens get out of poverty. These steps will not only reduce the poverty rates but they will also help the nation prosper in other levels as well. Hopefully, Nigeria will lose its status as the poverty capital of the world.
– Krishna Panchal