Example of Poverty in Nigeria
Nigeria has moved up by three points from the 132 positions recorded in 2017 to 129 positions in 2018 in the latest Legatum Prosperity Index (LPI) of the world prosperous nations. This is the first time that Nigeria has recorded a leap in the index of prosperous nations since the inception of the index in 2006.
Nigeria was measured in about seven parameters used in judging prosperity level of countries. These include Economic Quality, Business Environment, governance, Personal freedom, Social capital, Safety and security, education, health and natural environment.
Of the above parameters for prosperity Nigeria ranked, 139, 66, 107, 111, 48, 145, 123, 143, 104, positions respectively. While the nation rose in some areas of growth, it fell short in other critical areas of growth and prosperity.
For example, Nigeria performs best on social capital and business environment while performing poorly in the areas of safety and security. The country made its biggest impact on the prosperity index in the business environment pillar by jumping 12 places, while dropping one place in the safety and security pillar.
In the ratings for African countries, Nigeria took a distant 25th position far below other least enterprising and smaller countries. This position reveals the realities of the country status as one of the poorest countries not only in Africa but in the world.
Nigeria in the prosperity index is classified as a red zone country because it falls below the 20 least prosperous countries. The report warned that “these 20 least prosperous countries face significant challenges across all pillars, especially in the areas of improving safety and security”
Prosperous Neighbourhood in Ikoyi, Lagos.
The top three prosperous nations in the world were adjudged to be Norway, New Zealand and Finland while the world’s poorest nations are the trio of Yemen, Central African Republic and Afghanistan.
The report emphasizes the need for measuring prosperity among nations as providing a necessary analysis for the government as well as citizens of countries who look up to them.
It states that “a nation is prosperous when it has an open economy, inclusive society, strong institutions, and empowered people who are healthy, educated and safe. This leads to higher levels of wellbeing”.
The Legatum Prosperity Index LPI is an annual ranking developed by the Legatum Institute, a division of the United Arab Emirates UAE based private investment Firm, Legatum.