Am I surprised? …. No, not at all.
When you have a country like Nigeria that is deeply immersed in corruption – there isn’t much that would surprise you about the country.
Bloomberg worded it this way: “Life is toughest in Nigeria, easiest in Norway“. They came to this conclusion after conducting a ‘Stress Test’ in 74 countries recently. Nigeria came 1st in this poll with high rankings in the wrong categories ranging from Corruption [They were the 3rd most corrupt country in this poll] to Unemployment rate [They ranked in the top 7 countries with the highest rates of unemployment].
I hope the ‘Politicians’ currently fighting for power in the General Elections are considering these pretty appalling figures! … on second thoughts, they probably don’t care – It’s all about the power for them.
Bloomberg used some of the following criteria to rank these countries :
Income Inequality : Go to Lekki, Victoria Island or any Government residential area and then take a bus to somewhere called Ebute Metta and you will understand Income Inequality.
Corruption Perception : *Google search* the following names – Sani Abacha, James Ibori and diepreye alamieyeseigha to understand why Nigeria ranks high in corruption.
GDP per capita on a purchasing-power-parity basis : Let me explain this in simple terms, If you make $3000 dollars monthly and you only have one child to feed, your GDP per capita would be higher than your neighbor who makes $5000 monthly with 7 children to feed. Nigeria is the neighbor that makes $5000 monthly but also has 7 kids to feed. So do not even bother your ear drums to listen to the politicians when they start chanting their “Africa’s largest Economy” mantra.
We produce a lot; the largest in Africa I believe, but we are not producing enough to adequately take care of our people.. because guess what? We also have the largest population in Africa.
Data Source : Bloomberg