Poverty in Nigeria: The Political Economy Perspective

Abstract

The paper aims at analyzing the widespread poverty level in Nigeria within the ambit of political economy. Secondary sources of data were used. The startling poverty rate in Nigeria over the years is said to be a direct consequence of our forefathers’ ill activities which trend is still hunting the system till date. The paper suggests that poverty is rooted in leadership style and that since political actions set the pace for economic empowerment, leaders use political power to drive more by personal vagary than of economic realities to the benefit of all. The method of critical analysis was used. Quite a reasonable number of Nigerians do not benefit from governance, hence poverty has been very high in both rural and urban centers and predominantly so with perverse groups. The major cause of poverty in Nigeria is leadership and reasons for their behavior were seen to be poor governance, bond to self-challenge, political power as business enterprise, god-fatherism, religious problem, ethnic problem, corruption, illiteracy problem, poor legislative function, limited diversification of the economy, poor practice of rule of law, poverty of ideas, constitutional weakness. It is recommended that for poverty to be alleviated in the country, political and economic structures which allow corruption to go unfettered should be strengthened.