Somtochukwu

Poverty can be defined as the inability to achieve a certain minimal standard of living. Poverty is an economic problem that affects all groups within the population but it doesn’t affect all groups with equal frequency.

With the severe economic shocks that rocked the Nigerian economy during the early 1980’s came real and perceived increase in the levels of poverty in the country. Among the factors contributing to shocks are;

1.) Decline in the price of oil which was the main export commodity for the economy.

2.) There were rises in the international interest rate which compounded the external debt. The major underlining reason however was the domestic policy mistake. Economic reforms were introduced by the government of Nigeria in the mid 1986 in the structural adjustment programme that included exchange devaluation, trade and financial reforms.

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