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Poverty in Nigeria remains significant despite high economic growth. [1] Nigeria has one of the world's highest economic growth rates (averaging 7.4% [ 2 ] over the last decade), an underdeveloped economy, and plenty of natural resources such as oil.
Nigeria's Conditional Cash Transfer program provides targeted cash transfers to the most vulnerable households with the long-term goal of lifting millions out of poverty. A monthly stipend of N5,000 ($13.89) is given to households in poverty-stricken communities along with an additional N5,000 for families designated as priorities or extreme cases.
Poverty reduction, poverty relief, or poverty alleviation is a set of measures, both economic and humanitarian, that are intended to permanently lift people out of poverty. Measures, like those promoted by Henry George in his economics classic Progress and Poverty , are those that raise, or are intended to raise, ways of enabling the poor to ...
A child is checked for signs of malnutrition in Katsina State, Nigeria, March 2011 . In Nigeria, several subsequent governments have implemented different policies in an attempt to develop the rural areas and alleviate the poverty rate that has become a prominent decadence in such areas. However, very little success has been recorded so far.
Poverty is the lack of, or the inability to achieve socially acceptable standard of living. [34] Officially, there is no poverty line put in place for Nigeria but for the sake of poverty analysis, the mean per capita household is used. So, there are two poverty lines that are used to classify where people stand financially.
Poverty Reduction Strategy Papers (PRSPs) are documents required by the International Monetary Fund (IMF) and World Bank before a country can be considered for debt relief within the Heavily Indebted Poor Countries (HIPC) initiative. [1] [2] PRSPs are also required before low-income countries can receive aid from most major donors and lenders. [2]
In 2012, Nigeria contributed the fifth largest number of peacekeepers to United Nations peacekeeping operations. [7] The SDGs or Project 2030 is a global call to put an end to poverty, secure the planet and ensure that everyone enjoys peace and prosperity by 2030. It was adopted by 193 countries with Nigeria as one of its country members.
From there on relations with the World Bank and Nigeria flourished. The World Bank has been working with Nigeria to reduce the high rate of poverty, create better human capital, diversify the country's revenue through non-oil sectors, and help with economic management. Up until 2004, the World Bank was slow to release funds and most projects ...