Scientific Papers Series Management, Economic Engineering in Agriculture and Rural Development Vol. 15, Issue 3, 2015 PRINT ISSN 2284-7995, E-ISSN 2285-3952 25 THE PARADOX OF POVERTY AND INEQUALITY IN NIGERIA- INSIGHTS FOR A POST-2015 DEVELOPMENT AGENDA Joseph Omotoso AJAYI Federal University of Technology, Akure, Department of Agricultural and Resource Economics, Nigeria, Phone: +2348060743135; E-mail: josephomotosoajayi@yahoo.com Corresponding author: josephomotosoajayi@yahoo.com Abstract Nigeria is perhaps the most blessed country in Africa, in terms of its abundant mineral resources, agricultural and forest resources, distinctively more favourable climatic conditions and highly diverse human resources. These factors, alongside its overwhelmingly increasing population for foreign investment potentially and strategically put the responsibility of economic development on Nigeria, with its citizens expected to live not below the average standard of living. It is paradoxical however, that most Nigerians are poor. This study reviewed trends in poverty level in Nigeria from 1980-2014, examined the causes of poverty and inequality in Nigeria, evaluated Nigeria’s potentials for a post-2015 development agenda, evaluated the level of satisfaction with the implementation of Millennium Development Goals (MDGs), as well as the desirability level for the implementation of the Sustainable Development Goals (SDGs). The study found corruption, weak institution and poor governance; unemployment and underemployment; and high population growth as the major causes of poverty and inequality in Nigeria. Key words: development agenda, inequality, MDGs, paradox, poverty, SDGs INTRODUCTION According to the International Monetary Fund World Outlook Database for 2013 [23], the 2013 ranking of countries from the richest to the poorest, using Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP) per capita, African countries occupied the bottom with 9 of the last 10 places. The Democratic Republic of Congo was the poorest with a per-capita GDP (PPP) of $394. Zimbabwe ($590), Burundi ($649) and Liberia ($716) were poorest, following The Democratic Republic of Congo. Nigeria was the 44 th of the poorest listed countries with less than $3000. The top of the table was occupied by Europe, a few Gulf States and North America. It is therefore, not out of place to say that, poverty is endemic to Africa. Although, GDP is not a perfect measure to describe the wellbeing and quality of life of populations, it is the most commonly accepted method of determining the wealth of countries and comparing generalized differences in living standards on a whole between nations, using GDP per capita on a PPP basis in current international dollars. The two mostly used poverty indicators are the aggregate headcount and the headcount ratio [22]. Other indexes are not in discordant tone with the GDP PPP. For instance, according to Human Development Index (HDI) of World Bank for the year 2011 [33], Nigeria occupied the 156 th position among 177 countries as compared to the 151 st position in 2002. Poverty, inequality and high unemployment rates continue to be notable characteristics of the African continent. These and many other economic challenges continue to be on the increase rather than be abated in many African States despite aids and grants from the West and international development agenda like the Millennium Development Goals (MDGs). African countries have not utilised their resource riches: agriculture, forestry and wildlife as in Kenya, Malawi and Nigeria, mineral resources as in Angola, Niger, and Nigeria to close up the gap between the rich and the poor. Rather, the exploration of these resources has widened the wealth gaps. One of the Millennium Development Goals (MDGs) is to end extreme poverty and hunger by 2015 [4, 29]. In the African Economic Outlook for the year 2014 [1], it is observed that countries like Cameroon, Egypt, Guinea