Saturday, 20 December 2014

The Least Prosperous Nation in The World is Nigeria

Nigeria being the largest economy in Africa, the country has yet been ranked least prosperous nation in the world in 2014. Despite being the giant of Africa, Nigeria is also one of the poorest nation beaten by smaller countries like Niger, Benin, Mali and Cameroun, released by annual global survey.

A UK based Legatum Institute, a research organization that documents annual prosperity indicators around the world, ranked Nigeria as 125th out of 142 countries surveyed.

Despite Nigeria's acclaimed $510 billion economy, the nation failed to make the list of Africa's top 10 most prosperous countries; a league dominated hitherto by Botswana and South Africa. Other countries involved are Morocco, Namibia, Tunisia, Algeria, Ghana, Rwanda, Burkina Faso and Senegal.

Nigeria fell to 27 in 2014 from 5 in 2011. Between the top 10 countries and Nigeria are Benin, Kenya, Zambia, Niger, Cameroon, Egypt, Tanzania, Malawi, Djibouti, Mozambique, Cote d'Ivoire, Congo Republic, Zimbabwe and Mauritania.

The Prosperity Index provides a lens which is used to view a comprehensive assessment of national success. Other indicators include governance, safety and security. Nigeria performed poorly, with the way life is in Nigeria among the harshest in the world despite her oil and mineral resources.

Nigeria's performed in the economy group where it was ranked 97th from 142 countries and also ranked 114th in entrepreneurship and opportunity, 130th in governance, 123rd in education, 132nd in health, 137th in safety and security, 106th in personal freedom and 108th in social capital.

Botswana ranked 75th globally and is the leading African country, and has a Gross Domestic Product (GDP) of $15, 147. The country is among the biggest proportional spender in the the world as its government spends 8% of its GDP on Education.