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Reports | Nigerian Economy

IGET Report: Nigeria’s Poverty Trap and How to End It

Nov 20, 2022   •   by Kingsley Moghalu and Damian Kalu Ude   •   Source: IGET   •   eye-icon 281 views

Poverty is difficult to define precisely, but we can clearly identify it when we see, hear, or experience it. Citizens of a nation who live in poverty suffer economic, cultural, social, political, and environmental deprivations. A lack of income is only one aspect of poverty. It also covers the several effects of this deficiency. The non-financial aspects of poverty include situations such as material squalor, impotence, social exclusion and powerlessness, a lack of opportunities, a lack of education, and sub-par living conditions. 

 

Multidimensional poverty is the name given to this occurrence. Because monetary-based assessments ignore a lot that also matters, a multidimensional approach is required to measure poverty. Moreover, economic growth does not always result in a decline in poverty or deprivation. Furthermore, impoverished people frequently use multifaceted descriptions to convey their experiences of poverty. 

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