Discuss about the Poverty and Human Development for Islamic Finance.
Poverty continues to be a widespread problem that negatively affects economic growth of Nigeria. The widespread of poverty within Nigeria is no longer a controversial subject. However, the controversial part is the correct choice of appropriate strategies for reducing poverty within the region. The major suggestions are that the selection of strategies must be multidimensional and for all procedures recommended, the society has to remain committed, discipline, as well as consistent with all the ideas to be stipulatable (Obafemi & Ifere, 2014). The need to follow appropriate technique is essential because overcoming the issue of poverty cannot come by accident but through conscious and concerted efforts by locals and Nigerian authorities. Poverty in Nigeria is largely the social problem rather than individual dispositional. Nigerians and their government have to address it critically, severally, and simultaneously on all fronts. The concern must recognize that overcoming poverty in the region comprises of economic, social, political, and agricultural, together with ideological policies that affect the economic sector. It is envisagable that every strategy set to overcome the issue will aid in reducing the incidence of poverty largely in Nigeria if adoptable and implemented in the right manner. Besides, every strategy suggested are mutually reinforcing in overcoming poverty (Koyenikam, 2011). Reducing poverty is the most significant challenge facing Nigeria and its citizens as well as the important obstacle to pursuit sustainable socioeconomic growth. Therefore, the primary aim of this paper is to address how Nigeria can overcome the issue of poverty.
Since the major causes of poverty in Nigeria are multinational, in the same manner, the strategies for overcoming poverty must remain to be multinational. Therefore, the firm along with solid foundation is essential for the successful implementation of programs for overcoming poverty. The strategies solidly based on the operations of state security along with political instability, obedience, infrastructural advancements, and progress of economic steadiness and stipulation of suffiecient welfare examinations. Achievement of every set strategy needs to focus collaboration of all stakeholders, federal, state, and local government, together with the private segment, non-governmental associations, and the international society (Adekoya – Sofowora, 2014). All the strategies have to focus on ideas that ensure synergy and complementarity in the intervention of the several actions in each of the social sector. In the past, Nigerian government had embarked on different attempts to alleviate poverty but failed because of various reasons. Some of the reasons that need an improvement to overcome the issue include the politics of personal rule leading to military dictatorship making ordinary people remain in poverty. Some of the strategies that can be applicable in overcoming the poverty in Nigeria consist of sanctioning individuals through education, enlightening healthcare segment, improving health of environment, dealing with the HIV/AIDS question, creating the competitive private sector, improving regional integration and trade policies among other strategies (Sonanshei, 2014. The countries can also focus on building the more efficient and responsive public sector, improve safety and the administration of justice like increasing rights of women, promoting, and protecting human rights to enable every individual in the region to be economically independent. Creation of employment activities, raising wages in the employment sector, and canceling national debts are some of the strategies for overcoming poverty in Nigeria.
The idea calls for policies that develop market incentives, good infrastructure, stable social and political institution, and adaptable use of technology. There is also need to make basic social services available to poor persons in the region (Adepoju, 2014). Besides, primary health care, family planning, balanced nutrition, as well as the central education remains to have prime importance in overcoming poverty in Nigeria. All the major strategies that can aid in overcoming poverty fall into five different classes that include political, social, economic, ideological, and agricultural sectors.
For the extended period, Nigeria has had an approach of development that has the focus to folloe the industrial progess in the towns. The aid of developing urban areas remains to be that the improved prosperity and demand of raw materials can then flood to the rural regions. There is a need by the local authorities and national government to pursue to superior influence with a various tactics to developing the countryside areas (Oladapo, 2014). Such ideas of developing rural areas will aid in overcoming the poverty in the region because people will be able to attain basic amenities such as water, electricity, and clean water. The development of rural areas will lead to improved health care among the population and increasing education among the people within rural regions (Agoyino & Ferrara, 2016). Besides, development of the countryside can aid in encouraging the creation of agro-based compnies in the region leading to increased employment rates that will allow people that reside in these regions to earn income that they can use in supporting their lives.
The development of rural areas will enable the nation to stem rural-urban migration. The control of migration will curtail crime as well as the spread of wealth more equitably among its people. The Nigerian government must focus on the development of rural areas because most of its citizens who are poor are residing in the countryside and neglecting such people is what is liable for Nigeria’s poor score in the various state health catalogues. Therefore, strategies for developing rural areas will improve admission to technological device, entry to clean water, improved road transport, and increasing health among the residents (Oduwole, 2016). All these improvements will help in eliminating poverty level among the people within the rural setting. In another side, if national policies by the Nigerian government and other stakeholders fail to direct policies to develop rural areas in helping the poor majority in those areas, many people will remain to be dependent, and this will make the people rely on governmental support to live. Consequently, the government school aims at establishing science schools in countryside regions so that children can expand regional technologies to aid in process of improving the output among the local occupations (Alade & Eniola, 2012). The improved technologies have to be adaptable in combination with foreign professionals that go aside in the countryside regions to guarantee transfer of technology for development.
People in Nigeria especially the youth have to discover to appoint their leaders to achieve constructive changes in the economic, social, political, and technological sector. These changes are essential to improving the income among the operators in different economic sectors. There is a need by the youths and any other person in the country to understand that never complains brought change in overcoming poverty levels in the country. However, people need to realize that analysis are right, but if they disaffect individuals in power and fall short to steer them towards completing certain alteration, they change to be the waste (Dauda, 2016). Constructive engagement by the citizens in Nigeria has to point out for areas for improvement to leaders. For proper improvement of lives of locals, authorities should ensure that the constructive engagement does not lead to the avenue to trade insults. The government can use the constructive engagement to reach the locals by teaching them on the best methods to use in farming and production. The improved production among the people will ensure that every individual is independent and can attain essential basic needs (Oduola, 2014). The creation of best jobs by constructive engagement is the great approach to reduce poverty in Nigeria. When people in the region have jobs, have the good income, and when individuals have income, they can more easily get themselves out of poverty.
Majority of the population of Nigeria comprises more of the poor labor. It is essential for the employment sector in the region to make the poor laborers contented by enlighting their pay not portent fine for the whole country. Besides, most employers may dislike the idea of increasing wages of their employees. It is essential because people will be able to improve the quality of their lives because of increased effects of the wage bill in Nigeria. When employees are getting the better wage, they will increase their productivity, and the country will be able to earn huge income from different companies that they can use in improving lives of the people who are needy. The increased in wages will make money to be available to the society for discretionary spending (Anyanwa, 2014). These spending will increase as the demand for goods and services increases leading to improved lifestyles of people within the country. The increase in minimum wage of employees among Nigeria workers will ensure that the capacities of production become utilizable and total overall costs will drop (Oladapo, 2014). The decline in prices will lead to marginal that will increase profit margins essential in improving public amenities like communication and transport networks.
It is evident that no community can only flourish and remain happy if the members of the nation remain poor and miserable. The plan to increase minimum wages by any employment sector in Nigeria can be essential in ensuring that every person in those employment sectors earns income that can support in acquiring basic needs like food, shelter, and housing. The increase in wages will enable the government to increase in tax that they receive from different employment sectors. The increase in taxation will be essential in ensuring that the state budget and develop various public areas like hospitals, schools, and roads (Dunne &Ajayi, 2017). The development of public sector will help in reducing the poverty level among the people because the government can ensure that they provide free medical and learning. Therefore, with free education and medical services, those who might be less privileged in financial conditions will be able to have access to the improved healthcare sector and primary education without incurring any cost (Adekoya – Sofowora, 2014). A fully employed employee with kids receiving the least salary will still be able to lift up the lineage in hardship. Therefore, boosting the minimum salary could potentially boost healthcare status as well as wellbeing of people.
Despite the fact that the children are the gift from the Almighty God from the perspective of Christians, children are the benefit just for the nation whose state prosperity is escalating. Hardship does not stop births, although it remains to be unfavorable to taking care of children. For the country, whose state prosperity is declining or stagnant in growth that kids and their parents might mug huge misery. The Nigerian government should form the best strategy on how to control birth rates among its population because presently it has high birth rates (Oduola, 2014). The country should focus on controlling the steady increase in the birth rate as it will form the right program for the government to plan well for its development of public amenities that will support every individual.The country should not have much focus on how it create enough wealth for its burgeoning population, but on how to control birth rates. Controlling birth rates through improvised methods of family planning will be essential for the people and the country to give birth to children that they can support without any difficulty (Iyela & Ikwuakam, 2015). The control of birth rates will also allow the poor in the country to plan for the correct number of children to have and support. The idea will be essential in ensuring that not every family faces the financial crisis in supporting their children.
Increasing the awareness of family planning will help in making families elite on the correct number of children to have by their income. The poor will be able to assert their independence and reproductive rights through education concerning family planning. Better family planning reduces complications as well as ensuring women are in superior fitness when they have the successive pregnancy leading to improved health. The improved health of women who bear children will make sure that they do not incur extra costs in controlling their health status (Obafemi & Ifere, 2014). Therefore, it is essential that the Nigerian authority to empower the Nigerian female through education. Besides, the government has the mandate to make, stock, and adequately team maternal toegther with childcare axis in every local authority in Nigeria to tackle family planning. Family planning among the people in the country will ensure that government can be able to support the right number of individuals leading to reduce cases of dependency.
The rural poor in Nigeria has been unable tocreate the finest application of their possessions that include human resources and support services (Dunne & Ajayi, 2017).Nigerian government should focus on communal along with physical communication network and services by funding and maintain the greatest infrastructure to support the lives of the rural population. The authority should aim at improving the infrastructure together with services that associate with the education and healthcare. The involvement of best-targeted groups in creating the choices concerning the completion, checking, and responsibilities of design will help in improving lives of the poor in countryside areas (Oduwole, 2016). The involvement of locals during the construction of national infrastructures like roads, hospital, or schools will make the people that are jobless to earn income, and this will help them to get their basic needs. Besides, infrastructure build in the rural areas will aid in building and strengthen human capital among the poor so that they can get out of poverty. The poor people in the countryside can then contribute more to the economy as well as society.
There is a need to focus on building assets by the Nigerian government in every region of the country. The authority should be able to assess what assets the poor people in the society needs most to help them in earning more cash. The focus on building assets by the government to help the people might remain on agricultural soil or another resource, admission to recognition, or improvement of education level or healthcare status. The government should eliminate the reliance on basic materials without converge on developing other possessions, as it is the solitary most significant source of unrelenting hardship in Nigeria (Koyenikam, 2011). The elastic civil works strategy significantly aid the close landless as well as the lack of land to stabilize household utilization and shun fleeting hardship. The strategy is applicable on the sustainable foundation (Anyanwu, 2014). The strategy of developing infrastructure improves the authority of bargaining if the deprived people in countryside areas of Nigeria.
Conclusion
The research output on this paper addresses some of the policy responses to the envisaged complex humanitarian emergencies like poverty that faces developing countries around the world such as Nigeria. The national governments, private sectors, international communities, together with civil societies have the mandate of making the substantial effort of incorporating measures of overcoming poverty in their regular operations. In particular, the national authority of Nigeria keeps the relics of superior systems for budgeting, preparation, managing, as well as scheming of civic resources. The above strategies presented in this research paper are therefore expectable to offer the quantitative policy strategy for the various measures of overcoming poverty by different personnel. These strategies are the essential component in the effort of the Nigeria in establishing the basis for Long-term and sustainable development in the region. The primary suggested strategies must be multidimensional and for all the strategies recommended to work.
References
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