Nigeria Spends Less in Education as the Nation Ranks Least Prosperous Nation In The World

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 Cameroon, an annual global prosperity survey released this week has said.

The report, published by 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.
Nigeria was said to have fell to 27 in Africa in 2014, nose-diving 22 places from its ranking in 2011, the report said.
The 2014 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.
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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