Poverty in Nigeria - Essay Example

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Poverty in Nigeria

The agriculture sector is largely subsidized and has made a 26.8 per cent contribution to GDP in 2005. Industry and services contributed by 48.8 and 24.4 per cent respectively. Although, Nigeria had once been a large net exporter of food, it is now importing some of its food products. Nigeria's economic progression has been disturbed by corruption, political instability and poor macroeconomic management for years. Following the restoration of democratic rule in 1999, Nigeria is now undergoing substantial economic reform (Anthony Maduagwu, 09/09/00).
During the period 2003 to 2007, Nigeria put into effect National Economic Empowerment Development Strategy (NEEDS) which aimed towards raising the standard of living of the people by establishing macroeconomic stability through deregulation of the economic environment privatization of government ventures, economic liberalization and accountability. This initiative also addressed the basic deficiencies such as unreliable power supplies, poor infrastructure and lack of fresh water for household and irrigation. ...Show more

Summary

Nigeria is situated in West Africa and is the most populous country in the region with an estimated population of approximately 160 million and is the 8th most populous in the world, according to 2009 statistics. With a landmass of 433.8 sq. miles the country is already having numerous problems in the form of extreme poverty in some areas, the deprivation of basic amenities, lack of resources, a dearth of infrastructure, illiteracy,
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