POVERTY AS A TOOL FOR WEALTH CREATION: A STUDY OF THE POOR-RICH RELATIONSHIP IN NIGERIA

Abstract

The extent to which poverty is systematically exploited by the rich and privileged as a tool for wealth creation, accumulation and consolidation is consciously investigated here. Strict analyses of power dynamics, economic systems and structures have laid bare the ways in which poverty is deliberately perpetuated and manipulated to serve the interests of the rich. The mechanisms of exploitation that are available for the rich, such as predatory lending, supports, services, among others, were discovered to be instrumental to the stance of the poor-rich relationship today. It is discovered that poverty is converted into an opportunityand a lucrative business model by the privileged. The study has paved way for one to get acquainted with the meddlesomeness of poverty and wealth, and the factors for economic inequality. The paper failed to accept wholly that poverty is a challenge with a capability to hamper growth and development. It revealed that poverty has often provoked wealth accumulation and consolidation among the rich and sometimes, the poor. The work depended on both primary and secondary sources. While theories were used to analyze the processes; data were analyzed thematically and qualitatively to strengthen the work.