Nigeria is Ranked 62 Poorest Country in the World

A sky-view of Lagos's Third Mainland Bridge.   Image Credit:
A sky-view of Lagos’s Third Mainland Bridge.
Image Credit:

I know you know that Nigeria is the largest country in Africa, with population size of over 170million, this factor gives room for the country to be regarded as the largest economy in Africa, ahead of South Africa (aside from the nominal GDP being used to arrive at this ranking). With this status, one will expect that the country and her people should be experiencing significant development, but this is not so as the country is lagging in some major aspect like generating stable power supply and providing job to her over 60million youths. Nigeria is ranked as the 62nd poorest country in the world and the 32nd in Africa, according to Global Finance magazine ranking. The 2015 ranking according to the author, Valentina Pasquali, are based on the Gross Domestic Product (Purchasing Power-Parity) per capita of a country, which compares the generalized differences in the cost of living and standards between countries. Values are expressed in current international dollars, reflecting a single year’s (the current year) currency exchange rates and PPP adjustments.

In the 185 list, the following are the top 5 countries in the chart respectively, they all are African countries; Central African Republic, Congo, Dem. Rep., Malawi, Liberia and Burundi. See full list on Global Finance Magazine.

With Nigeria still dependent on oil as the main exporting product, more needs to be done to alleviate poverty in the land and bring about sustainable development. One way to go about this, improving welfare of the people, is diversifying the country’s economic dependency, like improving the agricultural sector, Information Technology, mineral resources, SMEs among others.

Consequently, with the over 7months change in government in the country, the people are filled with hope and expect that the new government, led by President Buhari, will bring about improved welfare and economic development in the country. You can rate President Buhari’s performance since he assumed office here.

With much said, 2016 is around the corner, I am positive that things will change for the better and not worst because I am seeing good omen from the government of the day, specifically from the executive arm of government, as against the legislative arm of government who are not upright to their course.

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Written by Richard Oluseye

Follow him @Roluseye on Twitter