Consumption Pattern and Rate of Poverty in Developing Economies: Evidence from Nigeria

8 Pages Posted: 18 Jul 2009

See all articles by Jude U. Bassey

Jude U. Bassey

Cross River University of Technology (CRUTECH)

Bernard Enya Edu

Cross River University of Technology

Patrick L. Akpan

Cross River University of Technology (CRUTECH); NNAMDI AZIKIWE UNIVERSITY,AWKA

Date Written: January 25, 2009

Abstract

This paper examines the consumption pattern, trends and rate of poverty in developing economies with particular reference to Nigeria. Low level of income has impacted on the rate of consumption vis-à-vis economic growth and improved standard of living. The ordinary least square (OLS) technique was adopted with the use of time series data on consumption rate, unemployment, inflation, economic growth, dependency ratio, adult literacy as well as poverty. The study reveals that these macroeconomic fundamentals have relationship and impact on consumption rate. In view of the plagues associated with poverty, dynamic poverty alleviation policies devoid of conflict of goals should be sustained in line with meaningful income equality put in place by government so as to avoid the evils of poverty and poor standard of living. A negation of this, the paper argues, impacts on the consumption pattern of consumers and leads to poor standard of living.

Keywords: consumption, consumer behavior, poverty, unemployment

JEL Classification: P46

Suggested Citation

Bassey, Jude U. and Edu, Bernard Enya and Akpan, Patrick L., Consumption Pattern and Rate of Poverty in Developing Economies: Evidence from Nigeria (January 25, 2009). Available at SSRN: https://ssrn.com/abstract=1332621 or http://dx.doi.org/10.2139/ssrn.1332621

Jude U. Bassey

Cross River University of Technology (CRUTECH) ( email )

P.M.B 1123
Calabar,
Cross River State
Nigeria

Bernard Enya Edu (Contact Author)

Cross River University of Technology ( email )

P.M.B 1123
Calabar,
Cross River State
Nigeria

Patrick L. Akpan

Cross River University of Technology (CRUTECH) ( email )

P.M.B 1123
Calabar,
Cross River State
Nigeria

NNAMDI AZIKIWE UNIVERSITY,AWKA ( email )

NNAMDI AZIKIWE UNIVERSITY .AWKA, NIGERIA
AWKA, AZ
Nigeria

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