Nigeria, Education Expenditure, and the Poverty Trap.
Between 1981 and 2016, Nigeria’s GDP grew from $61.1bn to $405bn reaching an all-time high of $569bn in 2014. Yet from 1981 to 2016 Nigeria added 90.4 million people to Poverty which has continued to increase to date.
On the 25th of May, 2018, I had a session on Channels TV on why we have had increasing “Economic Growth” over the years and why Poverty in also growing creating what is called the Poverty Trap for citizens of the country.
Economic growth should lead to Economic Development and further lead to Human Development, while Nigeria has had Economic growth over the years, it has not led to both Economic Development and Human Development.
Main while other countries that have recorded Economic Growth have succeeded in reducing poverty over the same period. China has lifted 789.5 million people out of Poverty, Indonesia has lifted out 78.7 million people out of Poverty, Thailand has lifted 29.4 million people out of Poverty, Bangladesh has lifted 24.3 million people out of Poverty, Malaysia has lifted 2.93 million people out of Poverty, and India has lifted 137.2 million people out of Poverty.
Find out how government’s lack of investment in Education (Human Capital Development) and how school fees has plunged the average family in Nigeria into what is called the Poverty Trap and Economic Stagnation for the country.
Watch the complete session and understand why Poverty will continue to increase in Nigeria despite increasing economic growth.