Nigeria recorded a leap on the 2018 Legatum Prosperity Index (LPI) of most prosperous countries in the world.
At 129, the most populous black nation moved up by three points from its
132nd position in 2017. Since the inception of the index in 2006, this
is the first time that Nigeria would move up.
The LPI is an annual ranking developed by the Legatum Institute, a
division of the United Arab Emirates-based private investment firm,
Legatum.
The index measures prosperity using nine pillars: economic quality,
business environment, governance, personal freedom, social capital,
safety and security, education, health and natural environment.
Of these pillars, Nigeria ranked 139, 66, 107, 111, 48, 145, 123,143, 104 positions respectively.
While the giant of Africa rose 12 places on the business environment pillar, it fell one point in safety and security.
“In the overall Prosperity Index rankings, Nigeria has climbed by three
positions from 132 to 129 when compared to last year. Since the
Prosperity Index began in 2006, Nigeria has moved down the rankings
table by five places,” the report read.
“In the Prosperity Pillar rankings, Nigeria performs best on Social
Capital and Business Environment and scores lowest on the Safety and
Security pillar.
“The biggest positive change, compared to last year, came in Business
Environment increasing by 12 places, whereas they dropped one place on
Safety and Security.”
Despite Nigeria’s rise on the ranks, the country, however, falls among
the 20 least prosperous countries (red zone) and the report says “those
in the bottom 20 face significant challenges across all pillars,
especially in improving Safety and Security.”
In Sub-Saharan Africa, Nigeria is ranked 25th.
Norway, New Zealand and Finland topped the index, while Yemen, Central
African Republic and Afghanistan came last three respectively.
“The measurement of national prosperity is an important task for
governments and for those who hold them to account,” the report read.
“Prosperity entails much more than wealth, it reaches beyond the
financial into the political, the judicial, and the wellbeing and
character of a nation – it is about creating an environment where a
person is able to reach their full potential. 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 Prosperity Index covers 149 countries. The top 40 most prosperous
nations are those that have demonstrated over time how to build
prosperity. Those in the bottom 20 face significant challenges across
all pillars, especially in improving Safety and Security.
“Prosperity has grown over the last year to its highest ever point. In
the last five years, 113 countries have improved their prosperity. In
many respects the world is getting better. It is now easier to start a
business in many countries.”
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