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#OtvFACTS: Nigeria Ranked Least Prosperous Nation In The World

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In spite of the new found status of Nigeria
as the largest economy in Africa, the
country has been ranked not only as one of
the world’s least prosperous countries in
2014, but also one of Africa’s poorest nation
beaten by smaller countries like Niger,
Benin, Mali and Cameroun, an annual global
prosperity survey released this week has
said.
According to a report released by a UK
based Legatum Institute, a research
organization that documents annual
prosperity indicators around the world, listed
Nigeria as the 125th out of 142 countries
surveyed.
Despite Nigeria’s acclaimed $510bn
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 in that bracket according to
the report listed from third and below, are
Morocco, Namibia, Tunisia, Algeria, Ghana,
Rwanda, Burkina Faso, and Senegal.
Nigeria was said to have fell to 27 in Africa
in 2014, nose-diving 22 places from its
ranking in 2011, the report said.
In between the top 10 countries and Nigeria
are Benin, Kenya, Zambia, Uganda, Mali,
Niger, Cameroon, Egypt, Tanzania, Malawi,
Djibouti, Mozambique, Cote d’Ivoire, Congo
Republic, Zimbabwe, and Mauritania.
The Executive Director of Legatum Institute,
Sain Hansen, said that: “The 2014 Prosperity
Index provides a lens through which to view
a comprehensive assessment of national
success. The Index measures the broad set
of indicators that tell us not only how
nations perform economically but in vital
areas of education, health, freedom,
opportunity, social capital.”
Other indicators measured by the institute’s
survey are, governance and safety and
security.
For each of the indices assessed, Nigeria
performed woefully, highlighting how life in
Nigeria is perhaps among the harshest in
the world despite the country’s oil and
mineral wealth.
Nigeria’s best ranking was in the economy
group, where it was ranked 97th out of 142
countries in the survey.
The report also said Nigeria ranked 114th,
130th, 123th, 132th, 137th, 106th, and 108th
in entrepreneurship and opportunity,
governance, education, health, safety and
security, personal freedom and social
capital respectively.
The leading African country, Botswana,
ranked 75th globally, and has a Gross
Domestic Product (GDP) of $15,147. The
country is among the biggest proportional
spender in the world as its government
spends 8 per cent of its GDP on Education.

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