Breaking the Poverty Trap: Is Education the Solution?

Abstract

Nigeria has been adjudged the world's capital for extreme poverty, as an average of 5 people are dragged into extreme poverty every minute. With 94.04 million people living in extreme poverty as of May 2019, the country is not only ahead of India (which is in 2nd place) in percentage of total population, but also ahead in absolute number. Nigeria now accounts for 15.8% of the people living in extreme poverty worldwide. This study is an attempt to uncover the root cause of Nigeria’s extreme poverty, and to recommend solutions to forge ahead in lifting the citizens out of poverty. Given that a well-educated and healthy workforce is important if the country hopes to reverse the trend of extreme poverty among its people and realign the economy with inclusive growth, the government needs to draw a drastic paradigm shift, by recognizing that education shouldn’t be treated just like a place of learning, but rather as a strategic tool to regulate economic growth and sustainability.