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Economic Growth and Inequality in Nigeria: Magnitudes and Challenges

AKPOILIH, Roland and FARAYIBI, Adesoji (2012): Economic Growth and Inequality in Nigeria: Magnitudes and Challenges.

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Abstract

Economic growth is expected to lead to economic development and increase in the welfare of the masses. This is hoped to reduce the existing level of inequality. However, the most central problem in Nigeria economy today is that there is a sharp disconnect between the level of growth and development. What is rather obtainable is that there is growth without development because of the wide gap of inequality existing in the society. In this study we examine the phenomenon of growth-inequality nexus by employing trend analysis to examine the magnitude and the challenges of the prevailing inequality scenario in Nigeria. This paper therefore recommends good institutional framework and policy consistency to rectify the unwholesome situation of the high level of poverty and inequality prevailing in Nigeria.

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