Economic Development Challenges

 

Welcome to class! 

In today’s class, we will be talking about economic development challenges. Enjoy the class!

Economic Development Challenges

Economic development challenges | classnotes.ng

POVERTY

Poverty is often used in conjunction with material possessions that belongs to people. It is defined as a lack of a material possession belonging to a person. According to the World Bank, poverty is defined as a situation where one’s income is below two dollars per day.

EFFECT OF POVERTY

Poverty can lead a person to experience the following:

  1. Hunger
  2. Malnutrition
  3. Poor health care
  4. Unemployment
  5. Low life expectancy
  6. Domestic violence
  7. Large family size
  8. HIV/AIDS
METHODS OF POVERTY ALLEVIATION
  1. Applying appropriate combinations of mineral fertilizers using green manures to increase soil facilities planting fertilizer trees, returning crop residuals to the soil, using improved measures of soil erosion control and water conservation and using nitrogen-fixing seeds can improve soil health which can improve farming productivity whereby providing employment opportunity to reduce poverty.
  2. Improve water, sanitation, feeder and main roads, maternity energy sources such as kerosene for cooking, rural electrification and women empowerment by allowing them to spend less time doing basic shores such as fetching firewoods and water. Improved gender equality does a whole lot of things such as increasing women’s chances to get a job which will lead to more gender equalities.
  3. Nutritious school meals, farming improvement, clean water sanitation, hygiene education and nutrition education can all lead to improved nutrition. Improved nutrition will lead to improved health in general.
AGENCIES FOR POVERTY ALLEVIATION
  1. NATIONAL POVERTY ERADICATION PROGRAMME (NAPEP): The programme started in 2001 to reduce poverty in Nigeria. It was designed to replace the poverty alleviation programme. NAPEP’s goals include training youths in vocational traits to support internship, to support micro credits, create employment in the automobile industry.
  2. DIRECTORATE OF FOOD, ROADS AND RURAL INFRASTRUCTURAL (DFRRI),
  3. BETTER LIFE PROGRAMME
  4. NATIONAL DIRECTORATE OF EMPLOYMENT
  5. FAMILY SUPPORT PROGRAMME (FSP)
  6. POVERTY ERADICATION PROGRAMME(PEP)
  7. COMMUNITY BANK

HIV/AIDS AND THE NIGERIA ECONOMY

HIV/AIDS have become a major threat to the economy. The disease is more common with the youth which should form the greater percentage working population. Under this situation, the economy will suffer as it will lead to low productivity and slow down the growth and development of the nation.

CORRUPTION AND THE ECONOMY

Corruption is the usage of acquired power dishonestly or illegally to acquire wealth that belongs to a person, state or government. In Nigeria, corruption has eaten deep into the fabric of society. Money meant for the development is normally carried away by a few individuals in power.

POWER AND ENERGY INADEQUACY

The power and energy supply with particular reference to electricity is a big problem for the economy growth of a nation. Power supply to the economy for productivity is inadequate to ensure rapid economic development.

 

In our next class, we will be talking about Economic Reform Programs.  We hope you enjoyed the class.

Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.

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