A POLITICAL ECONOMY OF POVERTY AND ECONOMIC GROWTH: NIGERIA IN PERSPECTIVE

At independences, Nigeria was regarded as the promising country in the common wealth ahead of India, Malaysia and Singapore. But while these countries have made appreciable progress in most indices of growth, Nigeria is si ill struggling at the bottom of the ladder with most of her citizens unable to meet their basic necessities of food, clothing shelter and employment. The paper argue that despite the huge revenue from the export of petroleum, it is also host to the third largest number of poor people, despite several policies and adjustment of the Nigerian economy by successive administration. Unemployment has been on a high rate among youths in the country. The study recommended that development packages must be designed to make impact on the people, and to sustain economic growth and development there must be radical change in the existing power structure and the masses must be empowered for a poverty stricken populace which is not in a position of contributing to growth and development, instead it tends to undermine it.