In essence, 70 percent of the world's population is mostly living in underdeveloped or developing countries and consume just less than 20 percent of the global output due to lack of economic development and industrialization caused by low: capital investment, income, literacy levels, gross domestic product (GDP) and malnutrition and diseases. Developing countries are mostly in Africa, Asia, South and Central America including the Caribbean (Nigeria economy, 2017).
Government's Living Standards' Actions
The Federal Republic of Nigeria is a country in West Africa led by a republic government. Improving the living standards is among the government's priorities as it has launched the Economic Recovery and Growth Plan (ERGP) up to 2020 (Nigeria economy, 2017). This would develop transportation and infrastructure, increase the supply of power reliability, conducive business environment, improve the education system and enhance transparency and reduce corruption.
Financial analysts suggest that proper economic, financial management is essential for the fiscal, monetary policies and should aggressively focus on the monetary policy to improve a sustainable growth of the country's economic status. Hence, the Gross Domestic Products key drivers are to be prioritized for future investments and developments. (Nigeria economy, 2017).
According to the Commissioner of Economic Planning and Budget, the government has planned to drive the economy of Nigeria into private sector compared to civil service. It has also developed programs that give the consumers the purchasing power to improve the state of the economy. (The world bank, 2017). The government has stimulated local production of staples in Agriculture to improve food consumption and a source of income to its people. Hence, we see that the government has taken initiatives to improve the standard of living of its citizens.
References
Nigeria economy. (2017, January 27). Nigeria 2017 Outlook: Economists and Financial Analysts harp on pro-growth policies - 1. Retrieved from https://www.proshareng.com/news/Nigeria%20Economy/Nigeria-2017-Outlook--Economists-and-Fin/33588
The world bank. (2017, May 19). Nigeria Faces Prospects of Fragile Economic Recovery in 2017. Retrieved from http://www.worldbank.org/en/news/press-release/2017/05/19/nigeria-faces-prospects-of-fragile-economic-recovery-in-2017
