There are numerous interventions put in place in the developing world, especially Africa, to eradicate poverty among the extremely poor populations and to raise their standards of living. The endemic nature of poverty prevalent in the developing countries is attributable to the fact that most of them, especially in sub-saharan Africa, have gross domestic products (GDPs) of less than U$ 500.00 per annum and a growth rate trailing around 5 to 8 percentage per year.

Poverty levels are very deplorable and desperate among the rural communities where the poorest of the poor inhabit.  These communities lack  basic requirements for life sustenance like access to clean potable water, vulnerable to threats of disease and HIV/AIDS pandemic, poor basic education, decent housing and above all, inadequate nutrition in their dietary habits owing to the unstable agricultural base.  Their diets are routinely carbohydrates with less protein and vitamin components.

The United Nations conference on Trade and Development (UNCTAD), the Millennium Development Goals (MDGs) and globalisation are practical examples of interventions which have the tendency to leverage the developing world from the vicious traps of abject poverty and under - development.

It should be counted a shower of blessing that the United Nations Conference on Trade and Development (UNCTAD) has brought its twelfth quadrennial delegates conference to a sub-saharan city of Accra where over four thousand (4,000)  delegates are expected to deliberate and brainstorm on various aspects focusing on the theme, “Addressing the opportunities and challenges of globalisation for development,” spanning April 20 to 29 2008.

It is expected that the general debate in which member states formally express their views on the substantive lessons of the conference by way of formal statements at the top hierarchical levels, should incorporate cogent proposals and interventions to empower the economic and social development of the poor countries to shirk their yoke of poverty which has been an albatross on their neck for generations.

The global investment forum of the UNCTAD XII conference  which would bring together policy makers, corporate executives, investors and heads of investment promotion agencies among others to meet and interact through a series of conferences, networking an social events, may also prove beneficial to the developing countries in their endeavours to reduce poverty and improve livelihoods.  

The interactive sessions on highly topical themes on prospects for global Foreign Direct Investments (FDIs), changing global production patterns as well as Foreign Direct Investments in Africa are areas that the developing world would stand the chances to attract aid for development.
Delegates from the first world and international finance organisations are anticipated to magnanimously approve long-term attractive packages that would go a long way to impact positively on raising the living standards of the desperately poor in the developing countries, especially in Africa.

Globalisation:  The incidence of globalization with its associated innovation and inventions are known to be an embodiment of converting knowledge into money through the application of science, technology and expertise.

It has culminated in massive creation of wealth in Europe, North America and of late some Asian countries, which had to be disposed of to the developing world economies under the banner of free liberal trade.

Statistics indicate that in contemporary times about 20 percent of the global population earn less than a US $1.00 per day. Global trends of the extremely poor populations have fallen tremendously. Inequality has also decreased substantially as China, Japan, Korea and Singapore have robbed shoulders with the industrial giant nations in the western world in the realms of innovation and advancements in the technology drive to access strategic markets across the globe.

The rise of some Asian countries in the arena of the globalised world is projected to leave the African continent harbouring about 90% percent of the world poorest people by the year 2050.   Cross-cutting the reduction of poverty and bridging the gap, more people in the developing countries have crossed the transition into the middle income bracket which enhanced their livelihoods than previously.

Wealth creation, resultant from globalisation, has resulted in massive improvements in the quality of life of people in the developing world as their forms of livelihoods have witnessed immense improvements.

Globalisation and innovation leading to increased wealth creation call for improvement in systematic entrepreneurial skills which are the cornerstone to successful production and marketing.  Entrepreneurs are capitalist investors who allegedly spear-head contemporary economic revolutions.

The entrepreneurs implement government economic decisions and this call for a friendly environment for both to co-exist mutually and effectively. China is known to have created 82 million new jobs in the year 2005. This indicates new trends in the emerging global market mechanisms.

Globalization has rejuvenated the socio-economic life of the poor in the south.  The percentage of the global population languishing in extreme poverty has reduced drastically.  Countries which fail to embrace it will remain poor as free market democracies will elude their political systems.

Poverty reduction is critical for the growth of business, especially the small-scale domestic business. Likewise, access to credits, technology and markets are equally vital contributive factors. In the same vein, poverty reduction is associated with systematic change and overhaul of nations’ economy especially at the community levels where desperation is endemic.

Way Forward:- The emergence of globalisation in the late 19th century is deemed as propelling global economic growth, blurring the dichotomies of  north-south economic growth,  re-engineering trade barriers, bringing  about falling inequality levels and immensely  influencing poverty reduction levels, has the eventual tendency for integrating all the countries under the globe.

The stage has been set and globalisation has become a sine qua non for development.

It is gratifying to note that great improvements in the world economy due to innovation has paved the way for new and greatly  improved sources of production, generating new products, new markets,  new consumption patterns and above all putting smiles on the faces of poor people.

Markets in the developing world have become saturated with products and services emanating from globalisation. These have created avenues for wealth generation by people who were hitherto poverty stricken.

Proceeds are easily channeled into the education of children, improving the roof over their heads, better able to purchase quality health care services and improve nutritional qualities to lengthen their lifespan.

A task of UNTAD XII, in Accra, is to devise mechanisms for strengthening the capabilities of multi-national companies operating in the developing world. Policy and decision-makers from the first world should endeavour to dialogue with the parent organisations of the multi-national companies in Europe and     America to facilitate and expand their operations in the poor countries to enable them raise living standards.   

In addition, foreign businesses with bases in the advanced world should be wooed to invest in the developing countries to augment poverty reduction measures.