Poverty And Inequality In Nigeria

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POVERTY& INEQUALITY by Adetoniola Adebayo. How has the gap between the rich and the poor changed? Every year, the rich keep getting richer and the poor keep getting poorer. It is either the rich create another money-making idea or the poor do not have enough money to pay for the most needed amenities in life and have to go about by shady means to get it. What is poverty? According to Wikipedia, poverty is general scarcity, dearth, or the state of one who lacks a certain amount of material possessions or money. Poverty is not exactly the absence of wealth but of resources based on a very little net worth or knowledge background or job experience. What is wealth? Also according to Wikipedia, wealth is the abundance of valuable resources or valuable…show more content…
Nigeria has 16,000 millionaires and 9,500 of them live in Lagos. This does not apply to the numerous amounts of poor and homeless people that live in the slums while other people are allowing in wealth. During the past years, the increase in the wealth gap is noticeable. Since the price of oil in Nigeria has reduced, more oil company owners have fire some employees as they cannot pay them. This is a good example because, the less people to pay, the more money to retain for themselves. In my country, the increased rate of poverty has also seen the increased rate of crime. This is because the poor do not believe they can obtain good jobs so they take away the hard earned income of others. This can also be the case if such a person was educated. Corruption is also a major issue that is contributing to the increasing wealth gap between the rich and poor in Nigeria. Corruption has been embedded within the Nigerian system and culture. There is a need for transparency and accountability in the Nigerian system and until that is achieved, the wealth gap in the country will continue to get…show more content…
Unemployment is usually caused by the labour force (that is the people who want to work) against the number of jobs and qualifications for them to obtain the job. According to one of the below sites, “Young people are nearly three times more likely to be unemployed than the rest of the population, the largest gap in more than 20 years, according to an analysis of official figures.” This is because more people per age group, who have not finished education, apply for jobs, for which most of the time, they do not have the skill and knowledge which they need. If the youth in under-developed countries or third world countries are fully educated, they may not have the resources that they need in order to use the knowledge which they have, though that is not always the case. But if in fully developed countries, most of their youth population is under-educated, though they have the resources, they will not know how to fully utilize them. Also in some developed countries, racial inequality can also be a cause of poverty as some jobs won’t hire people because of the colour of their skin e.g. a black man wants to work in a school but the owner won’t employ him because they only hire white or Latinos people. Corruption is also another reason e.g. an employer will only employ a school leaver if he/she gives him $400 at

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