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Showing posts from June, 2023

POOR STATE OF THE ECONOMY ROOT CAUSES

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Root Cause Analysis Diagram of the Poor State of the Nigerian Economy In this short paper, I have adopted a methodology or approach called RCA (root cause analysis), to assist in visualising and documenting for readers,  some of the economic problems within the economy and this is not meant to be an exhaustive list .  It gives stakeholders a high-level, visual perspective. That said, Root cause analysis (RCA) is the process of discovering the root causes of problems in order to identify appropriate solutions. RCA assumes that it is much more effective to systematically prevent and solve for underlying issues rather than just treating ad hoc symptoms and putting out fires.  The enables for the detection, of the root cause to the problem or occurrence and goes on to provide  knowledge of how to solve, compensate for, or learn from any underlying issues within the root cause. Finally, we may use what we learned from the investigation to systematically prevent fu...

POVERTY

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 Overview of  Poverty By LT Poverty is a manifestation from mismanagement of the Nigerian economy.  In Nigeria 40.1 percent of total population were classified as poor. In other words, on average 4 out of 10 individuals in Nigeria have real per capita expenditures below 137,430 Naira per year.  This translates to over 82.9 million Nigerians who are considered poor by national standards. It is important to note, that this number excludes the state of Borno. Poverty is multi-dimensional and no single indicator can capture all the aspects of poverty. We define poverty based on the availability of certain basic needs such as food, clothing, shelter, sanitation facilities, pipe-borne water, education, good healthcare and access to information. Statistically however, we determine poverty based on income and/or consumption, which assigns numbers to living standards and makes it easier to calculate poverty. The National Bureau of Statistics (NBS) captures poverty rat...