ASSESSMENT OF THE ECONOMIC BASE AS A TOOL FOR POVERTY ALLEVIATION IN IFON, ONDO STATE, NIGERIA

Abstract

The reasons for poverty are not clear. However, some researchers have attributed causes of poverty to lack of adequate resources on a global level—resources such as land, food, and strong economic base—that are necessary for the well-being or survival of the world’s people. Others see poverty as an effect of the uneven distribution of resources around the world on an international or even regional scale. It is against this backdrop that this study assesses the economic base as a tool for poverty alleviation in Ifon, Ondo State, Nigeria. To this end, this research was borne out with objectives which are to: examine the existing factors responsible for the current poverty level in the area; examine the dominant activity defining the economic base of the area; and investigate the means of strengthening the dominant activity in other to give room for a solid economic base in the study area. Furthermore, the methodology employed the use of both primary and secondary data. A systematic random sampling was carried out through structured questionnaires administered to 310 households which represents (2%) of the 15,504 total households in the study area. The key findings of this study revealed that 78% of residents of Ifon earned below the approved minimum wage. Also, unemployment, lack of industries, political instability, poor management of infrastructure, and lack of storage facilities were the major factors responsible for the current poverty level in the study area. The study concluded that agriculture as the economic base of Ifon will be very effective in poverty reduction, especially if there can be more commitment by the people and various government agencies in the development of agro-based industries in the area.