Road To Improving Multidimensional Poverty

Road To Improving Multidimensional Poverty By Dr Kenny Odugbemi

Nigeria is the poverty capital of the world where we have 80% of the people residing requiring all hands on deck. NBS confirmed 133m Nigerian living in multidimensional poverty where 90m live under extreme poverty base of $2.15: income per person

Fy 2050 ambitious and predictive growth GDP of $10trn but as of now we lack national and individual income requiring urgent solution

To improve on our current GDP, millions must be at work receiving salaries and wages

In the past MDG’s and SDG’s attempted to reduce poverty but all efforts failed woefully

The huge capital accumulation needed to grow the economy to absorb more than resource investment output now requires urgent both tactical and strategic initiatives

Income growth is the cornerstone of development and prosperity. In next 25years we should grow our GDP from $4.5trn-$9trn. Set ourselves growth of 15% every years

We must properly macro manage our economy before we proceed to micro manage the dimensions of our poverty. Nigerian elites are selfish and perniciously selfish whilst expecting society to go to blaze

✓Preventing our elites in guise of fighting for poor
✓Preventing them from diverting our common proceeds and wealth to their pocket”
✓Volatility of priced is now becoming unpredictable.

Multidimensional poverty is increasingly tending toward multidimensional phonemena. Households are not only monetarily poor but are unable to send their children to school whilst they still remain malnourished

Non- monetary factor includes
Food
Security
Housing
Health
Education

All of this is materially and directly connected to their wellbeing. Not all of these factors can be accessed through forex or capital markets

In Nigeria, the distribution of monetary and multidimensional poverty is spatial unequal requiring urgent targeted poverty reduction strategies.

Methodology

1st stage – Implementing intervention to reduce poverty at epic centre of extreme violence NW,NE,NC

2nd – Poverty shock reversing hard earned gain,25% of Nigeria are most vulnerable with extremely rare social protection

1in 5 Nigerian experience climate related shock

3rd – Review the effects of poverty on the following:
Health
Job
Income

Effective solution to reduce multidimensional poverty. Educate 20m out of school children roaming around Nigeria, provide clean water, ensure basic health care, empower female children across different states including Abuja, improve on childhood nutrition, support environmental programs, reach out to children and adults in IDP camps and prevent early child marriage

Conclusion
The aforementioned cannot be totally borne by three tiers of government, there is a need for intervention of development partners. Improve local production through manufacturing of products for consumption and export to earn forex exchange. There is a need for the government to develop new frameworks and special purpose vehicles for nanoscale enterprises at the lowest stage of the production ladder to resolve the following social dilemmas like unemployment -33%, youth unemployment 42.5%, underemployment -.21%

With over 65% of our youths under 25years productively engage ,we will reap thier demographics dividend but we urgently need to resolve issues of insecurity, lack of adequate power and infrastructure decadence.