Nigeria is a country in Africa that is so Blessed with the mineral resources and Arable land along with human resources. Nigeria is considered as 6th largest producer of the Crude oil in the world along with the abundant gas resources, but they are heavily untapped. Nigeria is also enriched with many other resources such as the Gold, uranium, precious metals, tin, coal, limestone, and many others.
Most of the people have this question in their mind, is Nigeria wealthy or poor? The answer is both.
Well, there are lots of resources that could be found in this country, and recently the GDP of this country is also rising to the highest level. Nigeria is a growing and middle economy country with lots of resources.
Nigeria has a population of 180 Million people and mainly constitutes the largest market in the world. With the growing poll of young people mainly contributes more to the developments of Nigeria.
The Economy In Nigeria:
According to Quartz’s report, About 87 million people in Nigeria live in extreme poverty. Nigeria is considered as the poverty capital in the world, and it is from 185 million populations.
Do you like to know how wealthy is Nigeria? Current GDP per capita of Nigeria has been mainly expanded up to the largest of 132% during the 1960s, and it mainly reached its peak growth of 283%.
Even though Nigeria does not have a large or biggest GDP in Africa, it is also more than that of South Africa, which is only about 1/3 the population. Based on statistics states the growth in Nigeria is only related to oil, telecoms, finance, real estate, and the stock market. With more corruption could be seen in the country, the wealth of the county also gets decreased to the highest poverty leading to poverty.
Poverty In Nigeria:
Nigeria is facing a high unemployment rate, and the government is taking certain steps for reducing it. Nigeria’s macro-economic policies mainly enable high-end import consumption instead of local production in the country. It also mainly address the way of increasing the poverty line, and Nigeria mainly needs the complete “growth inclusive” model, which would emphasize on domestic production with goods consumed.
Is Nigeria rich country? Of course, Nigeria is rich in wealthy resources but also faces poverty line in many parts of the country. Under such circumstances, Nigeria’s inhabitants have been well off with comparing their neighbors. Nigerian economic has the potential to grow and generate rich wealth to the maximum level.