It is in everybody's interests that Nigeria manages to achieve economic growth and poverty reduction in a way that benefits the masses. However, despite all the talk of economic development, there is still a great deal of poverty across the nation. This situation has been made worse by the politicians in Lagos as they have failed to deliver on their promises of economic growth. Worse still, some of these politicians have even worsened the situation by leading the people into poverty.
The sad reality of political leadership in Lagos is that they are mostly from the minority communities, especially the Christians. As a result, there has been no concerted action by any political leader to address the situation of poverty and economic degradation in the country. This has led to an increase in crime rates and more people being displaced from their homes. Moreover, the Nigerian government has not taken any meaningful action to reduce poverty in the state. Given the deteriorating economic conditions, this seems to be the best option to channel investment and employment to more developed areas of the country.
There are various ways to boost economic growth and poverty reduction in Nigeria. For starters, it is important to develop infrastructure that provides jobs for the people in the cities. For this purpose, private sector will be encouraged in the booming economy. In addition to this, promoting business in the cities will increase business opportunities in different sectors of the economy including transport, information technology, chemicals, oil & gas, and many more. Thus, the business boom will create more jobs for the people.
Secondly, there should be a transparent and fair process of auctions in order to provide funds for the projects and activities. By doing this, the people will have a better say in how their money will be spent. Also, this will bring down the price of properties and assets that are put up for auctions. With more investments and jobs coming into the cities, the economic growth will be far greater and poverty rates will come down.
In order to ensure effective economic growth and poverty reduction in Nigeria, there should be a free market and less government intervention. There should be less regulation and restrictions on foreign investment and trade. Free trade and competitive exchange rates will help the domestic business sector and will provide employment for the people.
Moreover, the introduction of technology and modern instruments will help the economic growth and poverty reduction in Nigeria. For instance, the use of internet is an excellent way of doing transactions. Electronic money will bring more businesses to the streets and will encourage investment. There are various ways to improve economic growth and reduce poverty.