Nigeria, despite being recognized as the as the largest economy in Africa, has been ranked as one of the least prosperous countries in 2014 and that’s not all, the but the “Giant of Africa” has also been ranked as one of Africa’s poorest country below other smaller African countries like Niger, Benin, Mali and Cameroon based on the annual global prosperity survey that was just released.
Legatum Institute, a UK-based research organization released the report and according to the organization, the Prosperity Index is the only global measurement of prosperity based on both income and well-being. It is the most comprehensive tool of its kind and is the definitive measure of global progress. The group records the annual prosperity indicators of various countries across the globe including governance, safety and security and Nigeria was listed at the 125th position out of 142 countries.
Irrespective of the fact that Nigeria lays claim to over $510bn economy, it is rather disappointing that the country was not included among the top 10 most prosperous countries in Africa rather, the position was dominated by countries like Botswana and South Africa.
Nigeria tumbled 22 places down from its 2011 ranking; a marker of how we have really “progressed”.
Between Nigeria down below and the top 10 most prosperous African countries lie these nations: Benin Republic, Kenya, Zambia, Uganda, Mali, Niger, Cameroon, Egypt, Tanzania, Malawi, Djibouti, Mozambique, Cote d’Ivoire, Congo Republic, Zimbabwe, and Mauritania.
According to Sain Hansen, the Executive Director of Legatum Institute “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.”
Nigeria achieved her best ranking in the “economy” index, ranking 97th out of 142 other countries but for each of the other several ranking factors assessed, Nigeria performed terribly bad: 114th, 130th, 123th, 132th, 137th, 106th, and 108th in entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital respectively.
This goes on to illustrate how challenging and difficult life could be in Nigeria despite the abundance of oil and other natural resources.
Leading African countries like Botswana which ranked 75th globally is in that position because the country is among the biggest proportional spender in the world as its government spends 8 per cent of its GDP on Education.
So is a nation’s prosperity defined solely by its GDP? Prosperity is more than just the accumulation of material wealth, it is also the joy of everyday life and the prospect of an even better life in the future. This is true for individuals as well as nations.
What do you think of Nigeria’s new position? let us know on our Facebook page.