Nigeria rated the poorest country in the world despite oil boom

Stephen U.C, Petroleum news, Owerri

Everywhere you turn nowadays, people, both old and young, wear long faces. They tell you without being asked that the economy is bad and their personal situations are very worse. Many Nigerians now complain of hunger in a country that once looks pride in her enormous petro-dollar wealth.

The current economic travail of the country has earned Nigeria an award of been poorest country in the world. But how did Nigeria, a promising nation of highly resourceful citizenry, come to this sorry pass? The failure to lift the majority of people out of poverty is a major indictment of government in Nigeria; even as Nigeria, Africa’s biggest oil exporter, has seen its revenues soar in the past one year.

The U.N. Development Programme estimates nine out of 10 of Nigeria’s 140 million people live on less than $1 per day.

The state of decayed infrastructure and lack of government will to stem suffering and stabilize the economy through people oriented economic policy implementation has been the bane of challenges affecting the citizens.

Nigerians still have to live with power cuts or no power at all, bad roads, poor water supplies and falling standards in schools and hospitals. The Brookings Institution estimated that the number of people living in extreme poverty in Nigeria had grown to 87 million people, versus 73 million in India. India’s total population is above 1 billion while Nigeria’s is 198 million. Is Nigerian’s oil a curse or blessing?

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