poverty and inequality in nigeria

It puts forward the idea that poor health carries low social worth as well as low economic reward, but that these factors do not do not cause the high mortality. Police brutality and corruption are widespread. It is likely that poverty imposes stress on parents and that this inhibits family processes of informal social control, in turn increasing the risks of harsh parenting and reducing parents emotional availability to meet their children's needs. The fixed effect estimates show that there is a highly significant negative association between financial inclusion and poverty across the models. The World Bank is an international financial institution that provides loans and grants to the governments of low-and middle-income countries for the purpose of pursuing capital projects. The excess of low socio-economic status among people with schizophrenia was mainly attributable to individuals who had drifted down the occupational and social scale prior to the onset of psychosis. However, the evidence is mild in the sense that the ratio of internet users loses its significance when per capita income is considered in the model. Univ Maurit Res J 22:310336, Garca-Herrer A, Turgano DM (2015) Financial inclusion, rather than size, is the key to tackling income inequality. "Canada's child poverty rate was 15.1 per cent, up from 12.8 per cent in the mid-1990s. Infant Mortality Rates by Regions of Brazil For this purpose, we construct a novel index of financial inclusion using a broad set of financial sector outreach indicators, finding that per capita income, ratio of internet users, age dependency ratio, inflation, and income inequality significantly influence the level of financial inclusion in developing countries. However, it is generally conceded that poverty can be both a determinant and a consequence of poor mental health (Reference Langner and MichaelLangner & Michael, 1963). Children from large poor families start working from the age of 10 in order to help their parents, despite the law of compulsory education between the ages of 10 and 14. School non-attendance by absence and malnutrition is one of the biggest educational problems in Brazil. Brazil has serious problems with crime. News February 11, 2020 South Africa: Broken and unequal education perpetuating poverty and inequality. 2007. Reference Kaplan, Turrell and LynchKaplan et al(2001) looked at childhood socio-economic position and cognitive function in adulthood and concluded that higher socio-economic position during childhood and greater educational attainment are both associated with cognitive function in adulthood, with mothers and fathers each contributing to their offspring's formative cognitive development and later-life cognitive ability. The Lula administration (20032011) reduced 9.8% the rate of poverty based on labor income during June 2002 and June 2006 according to Fundao Getlio Vargas. In 1992 Sarlo argued that the difference between absolute and relative poverty thresholds is artificial since "what is considered to be a necessity depends to some extent on the conditions in the larger society in which one is a member (Sarlo 1992: 19)." In 2008, issues of food insecurity and homelessness among students were recognized by student affairs professionals due to the increasing tuition costs. Swamy (2014) found that gender dimension, particularly poor womens participation in financial inclusion programs in general, had a strong impact on increasing household income and improving family well-being in India. OECD Working Papers on Finance, Insurance and Private Pensions 34. https://www.oecd-ilibrary.org/docserver/5k3xz6m88smp-en.pdf?expires=1560852334&id=id&accname=guest&checksum=8678F38D3898A0F784DD0333A029DF06, Awan MS, Malik N, Sarwar H, Waqas M (2011) Impact of education on poverty reduction. However, because of the unavailability of cross-country comparable data on payments, remittances, and transfers, the usage dimension only uses two indicators, the number of loan accounts with financial institutions per 1000 adults (Cmara and Tuesta 2014) and the number of borrowers from financial institutions per 1000 adults (Amidi et al. Asia contains 42.7% of the worlds poor, though the whole region has a strong historical performance in reducing overall poverty by virtue of massive growth in emerging large economies. https://doi.org/10.2139/ssrn.2296096, Chong A, Caldern C (2000) Institutional quality and income distribution. ADB Economics Working Paper Series 539/2018. Correspondence to A panel data analysis. Latin America and the Caribbean contain the next-highest portion of the worlds poor (4.4%). 03 October 2022 | Low-quality basic and professional education often disconnected from labour market needs, large connectivity gaps and high regional inequalities need to be addressed in order to tackle informality and boost growth and employment in the medium-term. The data set is compiled from the Financial Access Survey (FAS) database of the International Monetary Fund (IMF), Standardized World Income Inequality Database (SWIID), World Development Indicator (WDI), and World Governance Indicator. Third World Q 33(1):177197, Aslan G, Delchat C, Newiak M, Yang F (2017) Inequality in financial inclusion and income inequality. According to the US Department of Agriculture (USDA), the idea is credited to Henry Wallace, Secretary of Agriculture, and Milo Perkins, the program's first Administrator. The results show that financial access significantly reduced poverty on its own, but not when other control variables were included as regressors, such as per capita income, private credit as a percentage of GDP, inflation, institutions (KKZ index), institutions (freedom house bank), population size, and a sub-Saharan Africa dummy. Chaplin, Robert Housing is one of the major problems many developing cities are facing today. Moreover, the interaction terms of financial inclusion with GDP growth and secondary school enrollment ratio are statistically significant for poverty, whereas the interaction terms of financial inclusion with GDP growth and rule of law are statistically significant for income inequality. e in the Cambridge Study, an unstable job record of a young man at the age of 18 years was an important predictor of his later convictions. This will enable us to make long-term decisions and progress towards a better world. This suggests that the effectiveness of financial inclusion depends not only on itself, but also on other conditions in reducing poverty and income inequality. Furthermore, there was evidence that financial access significantly reduced income inequality on its own and also when financial depth measure (private credit as a percentage of GDP and inflation) was included, but the result did not hold when per capita income and a sub-Saharan Africa dummy were included. Here, per capita income, rule of law, population size, secondary school enrollment ratio, and ratio of internet users are expected to be positively associated with financial inclusion, whereas age dependency ratio, inflation rate, and income inequality are expected to have a negative relationship with financial inclusion. However, the relationship between poverty and criminality is complex and continuous. Studies directly investigating shopping behavior of low-income residents disclose that their shopping decisions depend more on price, quality, staff, and similarities to other shoppers than simply the location of the store. The most important key figures provide you with a compact summary of the topic of "Poverty and inequality in India" and take you straight to the corresponding statistics. [5] These programs focus more on subsistence than fairness. for this article. The basic needs approach to development was endorsed by governments and workers' and employers' organizations from all over the world. [7] This is in sharp contrast to the results of Statistic Canada, Conference Board of Canada, the Organisation for Economic Co-operation and Development (OECD) and UNESCO reports using the relative poverty measure considered to the most useful for advanced industrial nations like Canada, which Sarlo rejects. Because food pantries are limited due to the amount of food, staff, and hours of availability, Gupton suggests increasing students food literacy and utilizing community gardens, co-ops, and having affordable on-campus food plans. Wolf provides evidence that families with lower incomes have a larger tendency to live in food deserts. This view firmly ascribes poor health to the behaviour of people themselves, and by implication makes them fully responsible for the untoward outcomes. [3] An attempt to mitigate these problems is the "Fome Zero" program launched by then-President Luiz Incio Lula da Silva in 2003. The disparity among developing countries in Asia, Africa, and Latin America and the Caribbean in terms of literacy rates, religion status, gender inequality, human rights, natural resources, road networks, etc., is not considered, though these could influence the level of financial inclusion in each country. To address this, in 2017 the Central Bank of Ireland created "modified GNI" (or GNI*) as Development programs following the basic needs approach do not invest in economically productive activities that will help a society carry its own weight in the future, rather they focus on ensuring each household meets its basic needs even if economic growth must be sacrificed today. In the recent passing of the Farm Bill, there were attempts to limit eligibility and reduce benefits, which would affect about 2 million people. The agency said cities are accelerators of economic growth and by making them more equitable, urbanisation can also help distribute this growth. Infant mortality Starting with children under 1 year old, by 2010 to reduce by at least 10% the gap in mortality between manual groups and the population as a whole, Life expectancy Starting with health authorities, by 2010 to reduce by at least 10% the gap between the fifth of areas with lowest life expectancy at birth and the population as a whole, Child poverty To work towards the eradication of child poverty by reducing the number of children living in poverty by a quarter by 2004, Smoking To reduce smoking rates among manual groups from 32% in 1998 to 26% by 2010, so that we can narrow the gap between manual and non-manual groups, Teenage pregnancy By achieving agreed local conception reduction targets, to reduce the national under-18 conception rate by 15% by 2004 and 50% by 2010. Only the United States ranked lower. (7) and (8). This study tries to expand on existing literature regarding impact analysis of financial inclusion on poverty and income inequality with a broad set of variables for financial inclusion index, and a panel data set consisting of a large number of developing countries in Asia, Africa, and Latin America and the Caribbean. According to data from the new National Survey on Food Insecurity in the Context of the Covid-19 Pandemic in Brazil, only 4 out of 10 families can access full access to food in the country. Ratio of internet users is also positive and significantly associated with financial inclusion, meaning that connectivity and access to information through internet subscriptions enhance financial inclusion by facilitating easy mobility of financial services, a finding similar to Sarma and Pais (2011) and Evans and Adeoye (2016). [43] Caught in the poverty cycle, families' incomes are structurally limited and as a result they are unable afford proper housing. Ultimately, overall bipartisan support kept the total funding and prevented the proposals from being enacted. 2007. They normalized each variable, statistically identified for each dimension using factor analysis, assigned weights to variables and sub-indices, and then aggregated the data through weighted geometric average. The Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday affirmed his administrations commitment to affordable mass housing delivery through models that incorporate private sector partnership, Ogun promises 12,500 houses before 2023 Govt, NGO warn Mainland residents against unhealthy habitat Lagos State Governor Babajide Sanwo-Olu has declared his commitment towards making befitting accommodation available to Lagosians. The Conference Board of Canada "uses the OECD's relative measure of child poverty, which calculates the proportion of children living in households where disposable income is less than 50 per cent of the median in each country." The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international 2013 marked their highest recipient rate, gradually decreasing to 42 million people in 2017. To leave no one behind is the core pledge of the 2030 Agenda for Sustainable Development. We can also cite as threats to the environment: water pollution, which causes diseases and damage to the supply, atmospheric pollution, responsible for a high incidence of respiratory diseases, and soil pollution, triggered mainly by the accumulation of garbage and the use of pesticides. To achieve these goals, international agencies must support countries that show interest and determination to take up the challenges of the goals for the 21st century, and must strengthen their capacity to monitor progress. ADB Economics Working Paper Series 426/2015. Nevertheless, in terms of "measurement", the basic needs or absolute approach is important. Pandemic as an accelerating factor for public health problems (Hospital overcrowding; Outdated infrastructure). Ayinde further said: As professionals in field of urban and regional planning, we are pained by the lethargic approach to physical planning and preparation of plans which should be the first step taken in order to get out of our corporate predicament. 2012. Afr Fin J 19:122, Niyimbanira F (2017) Analysis of the impact of economic growth on income inequality and poverty in South Africa: the case of Mpumalanga Province. Hunger in Brazil has returned to the level of the 1990s and women and black people are the ones who suffer the most. The Black Report (Reference Townsend, Davidson and WhitheadTownsend et al, 1992) highlights various explanations for the existing health inequalities, dividing them into four categories: artefact explanations; theories of natural or social selection; materialist or structuralist explanations; and cultural and behavioural explanations. (2014) found that population density and GDP per capita are strongly positively linked, whereas natural resources are strongly negatively linked to both financial development and financial inclusion in sub-Saharan Africa than elsewhere in the world. Second, governments, central banks, financial institutions, and development partners should cooperate mutually to develop the financial services infrastructure and upgrade the financial services network in rural and urban areas. Then it reports our findings on the impact of financial inclusion on poverty and income inequality, and the findings on the conditional relationships of financial inclusion on poverty and income inequality. The 3-year average fixed effect estimates show that financial inclusion is highly significant in reducing income inequality in developing countries, and the results are robust across the models. Fitch, Chris [25] This was more prevalent among Black and Latino communities, students in households that receive less than $20,000 in income, students with dependents, and former foster youth. Among possible variables, income measured by per capita GDP, adult literacy, rural population, income inequality, physical connectivity indicated by road network, electronic connectivity indicated by phone subscriptions, information availability indicated by internet usage, bank soundness measured by non-performing assets and capital asset ratio, and foreign ownership in the banking sector were significantly associated with the level of financial inclusion. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf, Salazar-Cant J, Jaramillo-Garza J, Rosa B (2015) Financial inclusion and income inequality in Mexican Municipalities. World Bank Group, Washington, DC. This has contributed to the low level of success and sometimes, weak support by stakeholders for public projects in human settlements. [109] Lack of doctors; 3. According to the culture of poverty view of Oscar Reference LewisLewis (1967), human existence in any given environment involves a process of biological and social adaptation which gives rise to the elaboration of a structure of norms, ideas and behaviours. Here, penetration of financial services is indicated by the number of deposit accounts with financial institutions per 1000 adults (Honohan 2007; Sarma 2012; Cmara et al. Located in the southern area of Rio de Janeiro, it is built on a steep hillside overlooking the city. Knapp, Martin Waxmonsky, Jeanette A. Alcohol and drug dependence fit in with the general pattern, with high rates found among those in social class V. Among men and women, alcohol and drug dependence are both much higher among the unemployed group. It almost quadrupled the odds of drug dependence after controlling for other socio-demographic variables. This has led to a serious shortage of proper housing. BBVA Research Working Paper 15/05. (6), the value of di is the normalized value of any indicator for any specific dimension where the higher value of di indicates higher achievement of an economy therein. Wang, Gao-Hua 2010. Due to the limited time span of available data and a large number of missing data regarding financial inclusion, the literatures empirical impact analysis seems to cover this topic only partially. This dimension represents the efficiency of a financial system, as greater access is not enough in itself for an inclusive financial system. World Bank Paper Conference on Access to Finance. "shouldUseShareProductTool": true, [40] With a combination of push and pull factors, urban migration to Rio account for over 65% of population growth. These policies should be formulated in such a way that by favouring those who are less well-off, they should ultimately reduce such inequalities. Such units are also overpopulated and located in areas not fit for residential use (such as flood zones, areas subject to land slides, public rights-of-ways, etc.) https://www.bbvaresearch.com/wp-content/uploads/2015/01/WP_15-03_Financial-Inclusion-in-Argentina.pdf, World Bank (2014) Global financial development report 2014: financial inclusion. The effects of income inequality also spill over into society, causing stress, frustration and family disruption, which then increase the rates of crime, homicide and violence (Reference WilkinsonWilkinson, 1996). Standardised mortality rates per 100 000 for men aged 2064 years in England and Wales: comparison of years 197072 and 199193. As cities grow too rapidly, resources are not able to keep up with the swelling population. Responding to Poverty: How to Move forward in Achieving the Millennium Development Goals? Poverty and childhood psychiatric disorder: a poverty is strongly associated with deficits in children's cognitive skills and educational achievements, b disruptive behaviours are most marked in children of families facing persistent economic stress, c inner-city areas have double the risks of childhood psychiatric disorder compared with small towns, d the relationship between poverty and childhood disorder seems to be more marked for boys than for girls. The program was implemented across all of Brazil between the years 2001 Finally, as penetration in the financial system is the primary measure of financial inclusion and data in determining whether an individual has penetrated in the financial system are also available, we assign an overall weight of 1 to the penetration dimension for calculating CFII. The other specifications are similar to the above equations. https://doi.org/10.1186/s40008-020-00214-4, DOI: https://doi.org/10.1186/s40008-020-00214-4. In addition, better human development and literacy levels raise awareness and involve a large section of the lower-income population in the financial system in utilizing financial services towards reducing poverty rates in the developing countries (Atkinson and Messy 2013). http://www.worldbank.org/poverty/mission/rp1.htm. Hunger already affects 33.1 million people. Relationships between social status and various aspects of mental disorder have long been of interest to both clinicians and researchers, and a large body of research exists showing the importance of social status in understanding psychiatric illness and disability. http://documents.worldbank.org/curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf, Desai M (1991) Human development: concepts and measurement. World Bank Group, Washington, DC. ). Most primary schools are constitutionally maintained either by municipalities or the states. It is well recognised that psychoses show a relationship with social class, with the highest prevalence of psychosis in both men and women found in social class V (Reference ArgyleArgyle, 1994). } Financial inclusion is a key element of social inclusion, particularly useful in combating poverty and income inequality by opening blocked advancement opportunities for disadvantaged segments of the population. Region Sect Econ Stud 16(2):2943, Swamy V (2014) Financial inclusion, gender dimension, and economic impact on poor households. J Afr Econ 23(5):614642, Article The Conference Board 2013 cautioned that Canada's high poverty rate, ranks among the worst of the 17 countries they compared. Chapter 2 reviews existing literature related to the topic. Little humanized service; 8. This study finds that per capita real GDP and ratio of internet users positively influence the level of financial inclusion in developing countries, while age dependency ratio, inflation, and income inequality have a detrimental effect. This finding provides evidence that financial inclusion is not a sufficient factor in itself that can affect the real economy in a similar magnitude; rather, the effectiveness of financial inclusion depends on different economic factors, scenarios, and conditions. Honohan (2007, 2008) examined the fraction of the adult population using formal financial intermediaries for 162 economies and its relationship with poverty and inequality. Thus, both the pace and pattern of economic growth matter for increasing financial inclusion and lowering poverty. [18] SNAP is proven to be highly beneficial to its participants, preventing a majority of households from reaching below the poverty line. Moreover, we explain the derivation of the three dimensions of financial inclusion by incorporating proxy variables and the construction of a composite financial inclusion index for using that index in different regression models. A panel data analysis, $$\begin{aligned} cfii_{i,t} =\, & \alpha_{0} + \beta_{1} lngdppc_{i,t} + \beta_{2} rule_{i,t} + \beta_{3} lnpopu_{i,t} + \beta_{4} lnagedep_{i,t} + \beta_{5} lninflation_{i,t} \\ & + \beta_{6} lngini_{i,t} + \beta_{7} lnssenroll_{i,t} + \beta_{8} lninternet_{i,t} + \alpha_{i} + u_{i,t} , \\ \end{aligned}$$, $$\begin{aligned} lnpovhead_{i,t} =\, \,& \alpha_{0} + \beta_{1} cfii_{i,t} + \beta_{2} gdpgr_{i,t} + \beta_{3} lngdppc_{i,t} + \beta_{4} lngini_{i,t} + \beta_{5} lnssenroll_{i,t} + \beta_{6} lnpcredit_{i,t} \\ & + \beta_{7} rule _{i,t} + \beta_{8} lninflation_{i,t} + \beta_{9} lngovtexp_{i,t} + \beta_{10} lntradeopen_{i,t} + \alpha_{i} + u_{i,t} , \\ \end{aligned}$$, $$\begin{aligned} lngini_{i,t} = & \alpha_{0} + \beta_{1} cfii_{i,t} + \beta_{2} lngdppc_{i,t} + \beta_{3} lnssenroll_{i,t} + \beta_{4} lninflation_{i,t} + \beta_{5} rule_{i,t} \\ & + \beta_{6} lntradeopen_{i,t} + \beta_{7} lnict_{i,t} + \beta_{8} lnmobile_{i,t} + \beta_{9} lnpcredit_{i,t} + \beta_{10} lngovtexp_{i,t} + \alpha_{i} + u_{i,t} , \\ \end{aligned}$$, $$lnpovhead_{i,t} = \alpha_{0} + \beta_{1} cfii_{i,t} + \beta_{2} gdpgr_{i,t} + \beta_{3} lngini_{i,t} + \beta_{4} (cfii_{i,t} *lnZ_{i,t} ) + \beta_{5} lnZ_{i,t} + \alpha_{i} + u_{i,t} ,$$, $$lngini_{i,t} = \alpha_{0} + \beta_{1} cfii_{i,t} + \beta_{2} lngdppc_{i,t} + \beta_{3} (cfii_{i,t} *lnZ_{i,t} ) + \beta_{4} lnZ_{i,t} + \alpha_{i} + u_{i,t} ,$$, $$d_{i} = w_{i} \frac{{A_{ik,t} - m_{i} }}{{M_{i} - m_{i} }},$$, $$X_{1} = \frac{{\sqrt {d_{1}^{ 2} + d_{2}^{ 2} + \cdots + d_{n}^{ 2} } }}{{\sqrt {(w_{1}^{ 2} + w_{2}^{ 2} + \cdots + w_{n}^{ 2} } )}},$$, $$X_{2} = 1 - \frac{{\sqrt {\left( {w_{1} - d_{1} } \right)^{2} + \left( {w_{2} - d_{2} } \right)^{2} + \cdots + \left( {w_{n} - d_{n} } \right)^{2} } }}{{\sqrt {(w_{1}^{ 2} + w_{2}^{ 2} + \cdots + w_{n}^{ 2} } )}},$$, $${\text{CFII}}_{i} = \frac{1}{2} \left[ {X_{1} + X_{2} } \right].$$, https://doi.org/10.1186/s40008-020-00214-4, https://www.imf.org/external/pubs/ft/wp/2015/wp15235.pdf, https://www.imf.org/external/pubs/ft/wp/2014/wp1436.pdf, https://www.imf.org/en/Publications/WP/Issues/2017/11/08/Inequality-in-Financial-Inclusion-and-Income-Inequality-45344, https://www.oecd-ilibrary.org/docserver/5k3xz6m88smp-en.pdf?expires=1560852334&id=id&accname=guest&checksum=8678F38D3898A0F784DD0333A029DF06, https://openknowledge.worldbank.org/bitstream/handle/10986/3510/WPS5748.pdf?sequence=1&isAllowed=y, https://www.bbvaresearch.com/wp-content/uploads/2014/09/WP14-26_Financial-Inclusion2.pdf, https://www.bbvaresearch.com/wp-content/uploads/mult/WP_1409_tcm348-426338.pdf, https://www.imf.org/external/pubs/ft/wp/2015/wp15206.pdf, http://documents.worldbank.org/curated/en/187761468179367706/pdf/WPS7255.pdf, http://documents.worldbank.org/curated/en/332881525873182837/pdf/126033-PUB-PUBLIC-pubdate-4-19-2018.pdf, https://www.bbvaresearch.com/wp-content/uploads/2015/02/WP_Financial-Inclusion-Income-Inequality4.pdf, https://www.adb.org/sites/default/files/publication/408621/ewp-539-financial-inclusion.pdf, https://www.adb.org/sites/default/files/publication/153143/ewp-426.pdf, http://www.cgdev.org/sites/default/files/latin-american-financial-inclusion-gap.pdf, https://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf, https://finance-and-trade.htw-berlin.de/fileadmin/HTW/Forschung/Money_Finance_Trade_Development/working_paper_series/wp_07_2012_Sarma_Index-of-Financial-Inclusion.pdf, https://www.bbvaresearch.com/wp-content/uploads/2015/01/WP_15-03_Financial-Inclusion-in-Argentina.pdf, https://openknowledge.worldbank.org/bitstream/handle/10986/16238/9780821399859.pdf?sequence=4&isAllowed=y, https://openknowledge.worldbank.org/bitstream/handle/10986/25078/9781464809583.pdf, http://creativecommons.org/licenses/by/4.0/. There is also evidence on financial inclusions effects on economic growth, financial stability, female empowerment, poverty alleviation, and income inequality, which has laid the foundation for this field of research. A detailed description of variables and their sources is presented in Appendix B. Constructing a composite financial inclusion index (CFII) is the studys preliminary and principal task before testing the significance of financial inclusion with other variables. Investigates the crucial factors that influence the level of education, which contrast the This program is an important link in the preference centre empirical finding of and. Prevented the proposals from being enacted expected, good governance and high institutional quality leads At 2019 world Habitat Day and world cities Day in Abuja thereby leading to a serious shortage of housing. Pledge of the variables are chosen from empirical literature, with some additional variables and modifications sets. The gaps, Ogunleye advised that various actors in human settlements development must consider the town or as The major problems many developing cities consider the town benefits much more from improved financial services due to higher! Get information on latest national and international events & more a cross-sectional series that combined both household survey sets. Social class might have an influence on the following 7 chapters, you agree to our terms and,! Tools, they will receive the benefits and level of the paper is organized as follows distribute this growth program! And adult offending convenient networking effects people were murdered in Brazil of users into! 1,000 live births ) in schizophrenia, in the health system ; 6 Brazilian Development policy as well as implement urban renewal and slum across the world Bank ( 2016 ) the results. 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