Economic development has been a major focus for the Nigerian government, as it seeks to improve the standard of living for its citizens and promote sustainable growth. Despite significant progress in recent years, poverty and inequality remain major challenges in the country, with millions of Nigerians still struggling to make ends meet. According to the National Bureau of Statistics, a poverty map reveals that 133 million Nigerians are poor and recent statistics from the World Bank, poverty rates in Nigeria remain high, and the number of people living in extreme poverty continues to increase, this posed a serious threat to National security in the country as expert argued that poverty is one of the major roots causes of the current insecurity in the country, therefore addressing this issues is a critical component of any strategy for economic development in Nigeria as we are approaching the 2023 general election. This article will suggest key ways for the president-elect in the coming days to address poverty and inequality in Nigeria.
Firstly, one of the key ways is increasing access to education and skills training; Education is widely recognized as a key driver of economic growth, as it enables people to acquire the knowledge and skills needed to participate in the modern economy and provides more Nigerians with access to education and training, the government can help reduce poverty and increase economic mobility.
Secondly, another important strategy is promoting job creation as Unemployment and underemployment are major contributors to poverty in Nigeria, and creating new jobs is one of the most effective ways to reduce poverty and inequality the government can promote job creation by investing in infrastructure, supporting small and medium-sized enterprises, and creating a favorable business climate.
Thirdly, encouraging private sector growth is also important for promoting economic development as the private sector is a key driver of economic growth, and by promoting private sector development, the government can create new jobs and increase economic activity.
This can be achieved through tax incentives, favorable regulatory environments, and investment in infrastructure and human capital as well as addressing income and wealth inequality is a critical part of any strategy for economic development as Income and wealth inequality can undermine economic growth and stability, and reducing these disparities is an important goal and this can be achieved through progressive tax systems, strengthened labor protections, and increased access to education and training, taking these steps, the government of Nigeria can work to lift all boats and promote a more equitable and sustainable economic development for all its citizens
However, it is important to recognize that addressing poverty and inequality requires a multi-faceted approach that goes beyond social investment programs alone. This can include promoting inclusive economic growth, increasing access to education and skills training, and strengthening labor protections while addressing poverty and inequality is a critical component of any strategy for economic development therefore and combining strategies such as increasing access to education and skills training, promoting job creation, encouraging private sector growth and addressing income and wealth inequality, the government can work to build a more equitable and sustainable economy that benefits all Nigerians. May the best candidate emerge.
Baba Abdullahi Machina,
Department of Political Science,
University of Maiduguri
