Abstract
The study was necessitated by the high rate of poverty in Nigeria regardless of the foreign aids inflow into the country from 2010 to 2020. Whereas the country received foreign aids which could have resulted in poverty alleviation within the period of this study, she antithetically witnessed increase in poverty rate to the extent that the World Bank in May 2018 reported that Nigeria had emerged poverty capital of the world. According to the National Bureau of Statistics’ report, over 82.9 million persons, representing about 40.1 percent of the total population, were considered poor by national standards as at 2019. The poverty challenge inspite of the foreign aids inflow into Nigeria therefore necessitated the question on how sectoral allocation of foreign aids contributed to poverty alleviation in Nigeria from 2010 to 2020. Anchored on the Big Push Theory, the study adopted ex-post facto research design and documentary method for data collection. Qualitative descriptive method was used for data analysis. Among other things, the study found out that sectoral allocation of foreign aid resources did not contribute to poverty alleviation in Nigeria from 2010 to 2020 as those sectors critical for poverty alleviation did not receive massive investments. On the contrary, the foreign aids were split among numerous (consumption) sub-heads which rendered the aids incapable of contributing to poverty alleviation in the country. In view of the findings, the study therefore recommended the need to channel future foreign aids inflow into projects with high capital returns or the productive sectors of the economy in order to achieve a positive outcome on poverty alleviation.
Highlights
Whereas the country received foreign aids which could have resulted in poverty alleviation within the period of this study, she antithetically witnessed increase in poverty rate to the extent that the World Bank in May 2018 reported that Nigeria had emerged poverty capital of the world
The foreign aids were split among numerous sub-heads which rendered the aids incapable of contributing to poverty alleviation in the country
There is consensus among scholars that foreign aids have become imperative in global affairs, in developing countries like Nigeria where lack of capacity and financial resources to fund development programmes remains a perennial challenge for economic development and in pulling citizens out of the vicissitude of poverty
Summary
There is consensus among scholars that foreign aids have become imperative in global affairs, in developing countries like Nigeria where lack of capacity and financial resources to fund development programmes remains a perennial challenge for economic development and in pulling citizens out of the vicissitude of poverty. There is a dearth of literature on how the foreign aid resources have been allocated over time as well as how this may have accounted for the troubling failure of foreign aids in the country This necessitated the compelling need to undertake a study on how sectoral allocation of aids has contributed to poverty alleviation in the country, from 2010 to 2020 or not. Filling this gap in literature was the task which this study set out to achieve. It examined the sectoral allocation of foreign aids in Nigeria within the period covered by the study vis a vis the implication of such allocation on poverty alleviation in the country
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