Nigeria’s economy may not be as rosy as the Federal Government claims, according to a global prosperity index released yesterday.
Eight months after the Federal authorities announced the rebasing of the economy, making it the largest on the continent, the UK-based Legatum Institute ranked Nigeria’s prosperity 125th of the 142 countries surveyed and 26th in Africa, trailing countries such as Burkina Faso, Senegal, Benin, Zambia, Mali, Niger Djibouti and even Zimbabwe and Maurtania.
The Institute describes prosperity as 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. The Prosperity Index is the only global measurement of prosperity based on both income and wellbeing. “It is the most comprehensive tool of its kind and is the definitive measure of global progress.”
Nigeria’s performance in the 2014 Prosperity Index is generally poor in all the eight sub-indexes used in the survey. It came 97 in Economy; 114 in Entrepreneurship and Opportunity; 120 in Governance; 123 in Education; 132 in Health; 137 in Safety and Security; 106 in Personal Freedom; and 108 in Social Capital. Norway came first overall followed by Switzerland and New Zealand in the third position. Denmark, Canada, Sweden, Australia, Finland,Netherlands and USA occupy the fourth to tenth position.
Botswana is number one in Africa but is 75th globally. Other African countries and their rankings are as follows: South Africa (81), Morocco (85), Namibia (88), Tunisia (92), Algeria (97), Ghana (98), Rwanda (99), Burkina Faso (103), Senegal (106), Benin (108), Kenya (109), Zambia (110), Uganda (111), Mali (113) and Niger (114). Others include Cameroun (115), Tanzania (117), Malawi (118), Djibouti (119), Mozambique (120), Cote d’Ivoire (121), Republic of Congo (122), Zimbabwe (123), Mauritania (124), Nigeria (125), Ethiopia (126) and Sudan (130).
