POVERTY ALLEVIATION IN NIGERIA THROUGH CAPITALISM strongECONOMICstrong.pdfVIP

Journal of Sustainable Development in Africa (Volume 13, No.2, 2011) ISSN: 1520-5509 Clarion University of Pennsylvania, Clarion, Pennsylvania POVERTY ALLEVIATION IN NIGERIA THROUGH CAPITALISM ECONOMIC FRAMEWORK: PROBLEMS AND CHALLENGES Aniekan E. Ekpe Department Of Political Science and Public Administration, University Of Uyo, Uyo ABSTRACT Poverty, both in absolute and relative terms is afflicting most Nigerians. To be sure, successive Nigerian regimes have adopted series of measures to ameliorate the plight of the poor. Regrettably, the application of capitalist policies and strategies has not been able to alleviate poverty. On the contrary, the poverty level has soared instead of abating. It is the central thesis of this paper that poverty alleviation is impossible with the application of orthodox capitalist principles. This is basically due to the contradictions which are inherent in capitalism. On the basis of our position, we recommended among other things that the Nigerian state should either adopt socialism or regulated capitalism if it is desirous to alleviate poverty. Keywords: Poverty; Capitalism; Corruption; Underdevelopment; Intervention. INTRODUCTION Nigeria has one of the greatest development potentials in Africa given the vastness of her resources and above all her rich human resource endowment. But regardless of these potentials Nigeria is still among the poorest countries of the world. The economy is mired by multiple difficulties. On the basis of widespread economic crisis, and the recent global economic meltdown, the country is unable to raise the standard of living of its citizens to an appreciable height. Thus poverty, in both absolute and relative terms, constitute