IMPACT OF MACROECONOMIC POLICY ON POVERTY ALLEVIATION IN NIGERIA.
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IMPACT OF MACROECONOMIC POLICY ON POVERTY ALLEVIATION IN NIGERIA.
Chapter one
1.1 Introduction
Fundamentally, poverty is defined as the state or condition in which people have little or no money, assets, or means of support. Some development economists define poverty in terms of basic human requirements that an individual must have in order to exist.
For example, a family may be considered poor if it is unable to meet its basic needs. In its most narrow meaning, the concept of basic requirements refers to food, clothing, and shelter.
Basic requirements may include clean air and water, an adequate and balanced meal, mental and physical security, and weather-appropriate clothing and shelter. (Burkey, 1993),
Greenwald and associates (1965) defined poverty as a condition in which income is sufficient to cover basic necessities, implying that the level of living standard may be significantly lower than the minimum living standard.
According to capital household spending estimates of poverty, around 71% of Nigerian households are poor, with 36% classed as moderately poor by the Federal Office of Statistics in 1996.
Poverty has many negative effects and poses a threat to sustainable human development. The most important technique for eradicating poverty is to empower the poor.
Poverty is not simply defined by the inability to meet basic material necessities; it is also linked to a variety of other human elements, including health, education, environmental long-term security, and societal roles.
Consequently, power can only be understood in its whole. If those human dimensions are considered, others may interpret it in a larger sense, encompassing only the social and moral dimensions.
Some argue that poverty stems from unequal ownership of productive resources, while others attribute it to societal attitudes, cultural norms, beliefs, and environmental variables.
Considering the nature of poverty, it is necessary to write about the key causes of poverty in Nigeria.
1.2 Statement of Problem
There is little doubt that poverty is a global problem; but, it is also a source of anguish for economists who care deeply about the future of all economies. Poverty is a condition that affects practically every Nigerian, with 71% of Nigerian households classed as poor, 36 percent of which are core poor.
A nation endowed with many natural resources, both harnessed and confronting a high level of consumption as a ratio of Gross Domestic Product (GDP), implying underdevelopment and high prosperity to consume better. However, this tends to raise the level of corruption in the country.
Certainly, all sectors of the economy are capable of having a positive impact on poverty alleviation if the necessary policies and plans are implemented. However, we are looking at a development policy manager who has identified viable sources of relief for the poor, who make up the vast majority of the devastated rural population.
1.3 Aim and Objectives of the Study
This study aims to invest in the appraisal of poverty alleviation in Nigeria. It is specifically focused towards achieving the following precise goals.
i) To investigate the impact of macroeconomic policies on poverty reduction in Nigeria.
ii) Investigate the influence of government policies on poverty reduction in Nigeria.
iii) Investigate the impact of non-governmental organisations on poverty alleviation in Nigeria.
1.4 RESEARCH QUESTIONS.
1. How has poverty affected human welfare?
2. How does income distribution affect economic development growth?
3) Can government operations affect economic growth?
4) Used to impact Nigeria’s unemployment rate?
5) How have monetary and fiscal policies influenced national economic growth and development?
1.5 Statement of Hypotheses
The investigation will be led by the following hypothesis, given in the null and alternative forms:
1) Hypothesis: There is no substantial association between poverty reduction and economic growth in Nigeria.
HA: There is a considerable association between poverty reduction and economic growth in Nigeria.
2) Hypothesis: There is no substantial association between employment and poverty alleviation in Nigeria.
HA: There is a considerable association between employment and poverty alleviation in Nigeria.
3) Hypothesis: There is no meaningful association between macroeconomic policy and poverty alleviation in Nigeria.
HA: There is a considerable association between macroeconomic policy and poverty alleviation in Nigeria.
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1.6 Research Methodology
The researcher will employ econometric analysis to test the link between dependent and independent variables, which will include multiple regression analysis.
The data required for the investigation will be gathered using secondary means. This comprises publications from the Central Bank of Nigeria (CBN), the Federal Office of Statistics (FOS), conference papers, textbooks, seminar papers, and new newspapers.
1.7 Significance of the Study
Given the worrisome rate at which poverty is affecting the economy, government intervention is highly desirable. Poverty is a feature and characteristic of the south (i.e. less developed countries).
As a result, more realistic policies and actions should be implemented in areas such as technical development, resource mobilisation for optional production, high rates of capital formation, and so on.
As a result, the purpose of this study is to bring the attention of the government to the economy’s ever-increasing rate of poverty in order to establish a framework for its alleviation.
1.8 The scope and limitations of the study.
This study focuses solely on the development projects implemented by Nigeria’s three tiers of government. The study covers the years 1980 to 2009.
This study is limited to the government project; it is possible that other sectors of the economy, particularly the banking and industrial industries, have implemented strategies to alleviate poverty. However, as previously stated, our research will be limited to actions related to government-instituted projects.
1.9 The definition of terms and concepts
FOS: Federal Office of Statistics.
GDP means Gross Domestic Product.
PAP means Poverty Alleviation Programme.
1.10 Organisation of the Study
The study is organised into five chapters. One would evaluate the study’s introduction. The second chapter offers a review of literature. These writers’ perspectives on the topic issue would be combined.
The third chapter includes the structural structure of Nigerian poverty profiles as well as the method for measuring them. Chapter four would look at research methodology, data analysis, and the internationalisation of results. Chapter 5 concludes the analysis with a summary, conclusion, and policy recommendations.
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