It is in a direct view of the very harsh reality of the havoc wrecked by poverty, if allowed to blossom, could unleash on our society that the eradication of poverty remains one of the essential and critical aspects of the Millennium Development Goals(MDGs). It is also, out of essence; to provide a platform through which global economic strategy could be adequately harnessed so as to deal properly with poverty, that the United Nations, in the year 1993, put aside the 17th day of october annually as International Day for the Eradication of poverty.
According to Investopedia dictionary, Poverty is a state in which a person, group of people, or a community lacks the financial resources and essentails to enjoy a minimum standard of life and wellbeing, that is considered acceptable culturally or otherwise in the society. People usually assigned to poverty status, lack the capacity to meet basic needs. Global investors are most times mindful of the poverty indexes in various countries around the world, as high poverty level in a country could constitute stumbling blocks to the expected returns on investment.
Currently, from all available indexes, there are apparent signs of extreme poverty across the world. The levels of inequality and poverty in our society today are very alarming. The former Chief Economic Adviser to the Government of India, and former Senior Vice-president and Chief Economist of the World Bank, Kaushik Basu stated in 2015, that ‘It is shocking to have a poverty line as low as $1.25 per day(2011PPP). It is even more shocking that 1/7th of the world’s population lives below the line’.(Kaushik Basu is currently the IEA). Conflicts and crisis being experienced at various parts of the world are in some way, a reflection of the extreme global poverty status. The pathetic global poverty situation, however calls for urgent actions by all concerned.
In the view of the frightening world poverty condition, the World Bank in 2013, set two primary goals as a springboard through which poverty could be challenged. First, is to basically stop acute poverty, by reducing the share of people living on less than $1.25 a day to less than 3% per cent of the global population by 2030. The second, is to encourage shared prosperity by improving the living standards of the bottom 40% per cent of the population in every country. To achieve the first, demands a very reliable accurate database to best determine the ratio of the poorest people in different countries, as it will be reflected in the World Bank Index, so as to help inform better, the prospective programs of the World Bank for reducing poverty. In 2015, in her press release, World Bank unveiled its New End-Poverty tool; Surveys in poorest countries to work with partners. A plan that will ensure household surveys every 3 three years in 78 countries, with first round to be completed by 2020, as poverty-fighting efforts have long been constrained by a lack of data in so many countries. It is also on record that 77 out of 155 countries measured do not have adequate poverty data. There is no doubting the fact that because of the poor who often lack political representation and agency, reducing the poverty level remains seemingly unrealizable, as there are no sampled surveys.
The task of eradicating poverty has been a very big and dauting one in spite of the very genuine efforts from World Bank, and various governments, development partners inclusive. Overtime, the pace of poverty reduction, across the world has been largely slow and grossly insignificant, especially in various developing countries where it has remained unimaginably towering.
Nigeria, according to a 2013 data released by World Bank President, Jim Yong Kim, is one of the top five countries with the leading number of the world’s poor citizens. Nigeria ranked third, with India ranking number one, with over 33% per cent of the world’s poor. China was ranked second with 13% per cent, followed by Nigeria where 7% per cent of the world’s poor live in. Bangladesh has got 6% per cent while the Democratic Republic of Congo has 5% per cent of the world’s poor population. These five countries, according to Jim Yong Kim’s estimation, are home to 760 million of the world’s poor, while nations like Indonesia, Pakistan,Tanzania, Ethiopia and Kenya would encompass almost 80% per cent of the world’s extreme poor.
Here in Africa, the practicality of poverty is very alarming as most Africans live on less than a dollar income per day. Perhaps more niggling is that, 34 out of a total 49 African countries account for a greater proportion of Least Developed Countries, LDCs, in the world. This, perhaps explains why poverty indicators such as hunger, malnourishment, homelessness, diseases, high crime rate, slums, lack of opportunities, low productivity and illiteracy, abound in larger quantity in the region. The urgent situation of poverty in Africa is further compounded by the failure of governments across the continent to properly harness human, natural, and material resources for the common good of all. This, explicitly explains why Nigeria, a famous world oil exporter, is ranked among the poorest nations in the world.
Going by the recent trend, for poverty to become history in the world, there must not be neglecting the fact that various individuals, communities, organizations and governments must collaborate and work together. No one should be left behind in the tough task of combating poverty. Acting together against poverty would help in identifying where the greatest number of poor people live, in order to mobilize the required efforts to concentrate on those places. To achieve this effectively, will no doubt involve concentrated efforts in countries where the highest numbers of the world’s poor dwell. It will also help in dealing with the odds involved in poverty reduction. Achieving this will entail modified and multi-facet tactics that could only become effective with the successful collaborations of all.
In a focus on Africa, there is a need to shift focus on the education structure too, in order to sample a new order of orientation, that could facilitate wealth creation. With the present education arrangement, most African countries are further entrenching poverty, since its emphasis is more on ‘Education of the head’. Though, this is in itself good, but there is also need to further emphasize on the technical education with the central aim of providing head, heart, mind and hand education. When there is re-orientation on education, and improved database in our local systems, it will help channel, and fulfill the various sustainable development goals. Until then, Nigeria, Africa, and most parts of the world would still be in the doldrums of poverty.
Written by Chibuike Bigman K. in commemoration of this year’s International Day for the Eradication of Poverty with theme; Answering the call of october 17 to end poverty: A path toward peaceful and inclusive societies
Source : HERE