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Poverty eracication in nigeria and the world

World Poverty Eradication- Does this apply to Nigeria? | Pertinence Limited

The World as it is right now is engulfed with poverty and constantly yearns for poverty eradication.

In fact, research statistic has it that almost half the world is poor: over three billion people — live on less than $2.50 (that’s about N910) a day. At least 80% of humanity lives on less than $10 a day (that’s about N3,640). More than 80 percent of the world’s population lives in countries where income differentials are widening. (Source: www.globalissues.org/article/26/poverty-facts-and-stats).

For the average Nigerian, this statistics may not immediately make sense. But let’s view it from this perspective keeping the statistics in mind…

If I earn let’s say around N900 daily, that means in 30 days (or one month), my monthly income would gross up to about N27,000. From this, I’ll have to feed, buy clothes, pay rent, transport myself and all other necessary expenses and cost of daily living, which is practically impossible to accomplish with such paltry income. This already is a clear indication of poverty.

Are you getting a clearer picture of it now? Hang on with me a little more….

Now, if I’m among the 80% of humanity that lives on less than $10 a day, that means I’m earning between N40,000 to N109,200. My friends and family would start saying …”You’re a big boy now o! You don hammer!”. Until I start spending on all the necessities and costs of daily living for both myself and the family and back to about N20,000 left for the month. Then it becomes glaring that I’m actually broke.

For some, this illustrations may even be way better than your financial income, expenditure and saving pattern. But am sure by now, you get the hang of it. This points us back to the factual proof that the statistics above holds gallons of truth in its barrels, and this truth is directly applicable to us here in Nigeria. The very little that earns above this N109,200 still lies within this 20%. Or safe to say, they are the 20% of that 20%.

What does this mean?

If the bulk of the population live and survives within a very small income, that means the country is impoverished. Nigeria may be rich in agriculture and natural resources, but when it comes to people empowerment and financial empowerment, she lacks her resource.

This means that a nation with more poor people would indeed make poor decisions, poor choices, poor education, poor investments, poor executions and so on.

What can be done?

Poverty is not just a statement of account; it is a state of mind. An effective way to eradicate poverty is by changing the mindsets of financially poor people by empowerment and people development programs.

The right kind of education and information provided in such programs should be geared towards:

  • training people on skills and also finding out what areas of interest they have to help make them entrepreneurial or employable.
  • teaching them to develop a continuous learning and improvement culture.
  • teaching them to develop a healthy and workable savings habit.
  • training them on the importance of long term investments.

All these and more are stepping stones towards creating a valuable people population that will slowly but surely diminish the poverty rate and on the long-run eradicate poverty in Nigeria and globally, and together, we can do this.

Do you think we stand a chance in eradicating poverty in Nigeria and globally?

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