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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