INCLUSIVE GROWTH AND INCOME INEQUALITY IN NIGERIA, 2015 - 2024

Abstract

Inclusive growth has emerged as a critical policy objective for developing and emerging economies seeking sustainable development and equitable distribution of economic opportunities. Nigeria, Africa’s largest economy by population and one of the continent’s major emerging markets, experienced fluctuating economic growth between 2015 and 2024, yet poverty, unemployment, and income inequality remained persistent. This study investigates the relationship between inclusive growth and income inequality in Nigeria from 2015 to 2024. Using empirical evidence from the World Bank, International Monetary Fund (IMF), National Bureau of Statistics, and scholarly literature, the study examines trends in GDP growth, unemployment, inflation, poverty incidence, human capital development, and income inequality indicators. The research adopts a descriptive and analytical approach grounded in inclusive growth theory and Kuznets’ inequality hypothesis. Findings reveal that despite periods of economic expansion, growth in Nigeria was largely non-inclusive due to structural weaknesses, dependence on oil revenues, weak institutions, unemployment, inflationary pressures, insecurity, and inadequate investment in human capital. The study concludes that inclusive growth in Nigeria requires institutional reforms, productive employment creation, diversification of the economy, improved social protection systems, and equitable access to education, healthcare, infrastructure, and finance.