Economic and Financial Review


Central Bank of Nigeria


Poverty Reduction, Nigeria


The description of Nigeria as a paradox by the World Bank (1996) bas continued to be confirmed by events and official statistics in the country. The paradox is - that the poverty level in Nigeria contradicts the country's immense wealth. Among other things, the country is enormously endowed with human, agricultural, petroleum, gas, and large untapped solid mineral resources. Particularly worrisome is that the country earned over USS300 billion from one resource - petroleum - during the last three decades of the twentieth century. But rather than record remarkable progress in national socio-economic development, Nigeria retrogressed to become one of the 25 poorest countries at the threshold of twenty-first century whereas she was among the richest 50 in the early-I 970s.

Author Bio

Dr. Mike I. Obadan is the Director General of the National Centre for Economic Management and Administration (NCEMA), Ibadan.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Obadan, Mike I. (2001). Poverty Reduction in Nigeria: the Way Forward. CBN Economic and Financial Review. 39(4), 159-188.



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