NATIONAL ECONOMIC EMPOWERMENT DEVELOPMENT STRATEGY & POVERTY REDUCTION IN NIGERIA: A CRITIQUE

Poverty is one of the most common characteristics of the third world countries including Nigeria. National Economic Empowerment and Development Strategy (NEEDS) is a reform agenda by Nigerian Government modeled on the IMF’s poverty reduction and growth facility to achieve some macroeconomic goals of stability, poverty alleviation, wealth creation, and employmentgeneration. This paper investigates the extent to which the goal of poverty reduction has been achieved after the first phase of its implementation (2004-2007).The paper adopted the content analysis of library materials, publications and other documented researches pertaining to the subject-matter. The paper concludes that NEEDS has not made a significant impact on Nigeria’s infrastructures and standard of living of the majority and therefore status of poverty remain at an alarming rate. The failure of NEEDS to significantly generate employment and reduce poverty has been attributed largelyto weak institutional frameworks andlack of political will in the Nigerian state. To achieve poverty reduction and economic progress in Nigeria, majority of Nigerians must have access to quality education and the leadership must be truly committed to the economic reform agenda by encouraging development of stronger State institutions and creating an enabling investment environment.