IMPACT OF POVERTY REDUCTION ON SUSTAINABLE DEVELOPMENT IN NIGERIA
1.1 Background of the Study
Many people instantly think of poverty as a lack of money when they hear or read the word poverty.
This is partially correct, but in order to gain a greater knowledge of poverty, one must go beyond the simplistic or common sense definition of poverty.
Poverty is more than just a lack of money. For example, what if you were stuck on a desert island with several thousand dollars or pounds in cash while everyone around you had food, clothing, and shelter? You couldn’t eat your money, either. Your neighbors may not even want your money, especially if they believe a rescue is unlikely. In such a case, a lack of money equals poverty.
However, this is only part of the story when it comes to poverty, and in order to comprehend poverty and inequality, we must look past the surface reality and go beyond the common sense explanation, which is just another word for cliche.
Researchers divide poverty into two categories: absolute poverty and relative poverty.
Absolute poverty is defined as a circumstance in which a person lacks the necessities of existence. The absence of fundamental human requirements such as food, shelter, and clothing.
This type of poverty was once extremely frequent in countries such as the United Kingdom and the United States, but it has since reduced, notably after the establishment of the welfare state. This type of poverty persists in many third-world countries.
Relative poverty is defined as a person’s inability to participate in regular and desirable activities due to a lack of resources.
Poverty is not new, but each time it is mentioned, it causes a lot of concern. This is due to the fact that it has a catastrophic effect on its victims. It lowers the sufferers’ social and psychological standing. Poverty is the state of being poor.
This may be obvious even in the midst of plenty because there may be reeking poverty as a result of a lack of understanding to transfer potential into practical creativity for the benefit of society.
In other terms, if something is poor, it suggests that there is a scarcity of it or that its quality is exceptionally low. The preceding paints a picture of our beloved country, especially when one considers the Nigerian question and the Nigerian condition.
It is also pitiful in the sense that a country theoretically rich in oil, gas, and other natural resources cannot brag of putting food on its residents’ tables; in reality, an ordinary Nigerian is believed to live on less than one dollar. According to researchers, poverty is the root cause of the majority of social vices and corrupt practices in both high and low areas.
Nigeria is currently ranked as one of the poorest countries in the world, despite having vast people and mineral resources. As a result of this and other ills faced by the world’s citizens, particularly those in third-world countries, the United Nations established the millennium development goals in the year 2000, during a gathering popularly known as the millennium summit in the United States of America (MDGs).
According to the UN, the 189 members of this organization are expected to have accomplished these targets by 2015. The first of the nine aims is to “reduce extreme poverty and hunger” by the end of the year.
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