Nigeria ranks 6th miserable nation on earth

Nigeria ranks 6th miserable nation on earth - Global survey

- The rating of Nigeria when it come to poverty and misery among other countries of the world is nothing to write home about

- This was as a survey by an economist from John Hopkins University in Baltimore, United state, Steve Hanke, places Nigeria as sixth on the list

- The survey reveals that unemployment rate was the key determinant that pushed Nigeria up on the scale

According to a research by an economist from John Hopkins University in Baltimore, United state, Steve Hanke, Nigeria ranks the sixth among miserable countries in the world.

Hanke's survey reveals that Venezuela tops the list of miserable countries in the world. He said “Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.”

However, Argentina jumped to the No. 2 spot after yet another peso crisis. Since its founding, Argentina has been burdened with numerous economic crises, Vanguard reports.

Most can be laid at the feet of domestic mismanagement and currency problems. Iran took third in the ranking, before Brazil that made it to the fourth position. Turkey took the fifth position as the giant of Africa Nigeria emerged sixth.

The Misery Index was arrived at after a consideration of economic indices such as unemployment, inflation and bank lending rates. In the case of Nigeria, unemployment rate was the key determinant that pushed it up on the scale.

Hanke said: “The first Misery Index was constructed by economist Art Okun in the 1960s as a way to provide President Lyndon Johnson with an easily digestible snapshot of the economy. That original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.

"The Index has been modified several times, first by Robert Barro of Harvard and then by myself. Nigerian economic confidence falls by 3% in 12mths — ACCA “My modified Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in real GDP per capita.

"Higher readings on the first three elements are “bad” and make people more miserable. These are offset by a “good” (GDP per capita growth), which is subtracted from the sum of the “bads.” A higher Misery Index score reflects a higher level of “misery,” and it’s a simple enough metric that a busy president, without time for extensive economic briefings, can understand at a glance.

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

“The accompanying table contains Misery Index rankings for the 95 nations that report relevant data on a timely basis. For consistency and comparability, and with few exceptions, data were retrieved from the Economist Intelligence Unit.”

Meanwhile, Legit.ng reported that a report had indicated that over 91 million Nigerians were now living in extreme poverty and at least three million of them slipped into extreme poverty between November 2018 and February this year.

This was contained in World Poverty Clock, created by Vienna-based World Data Lab. According to the report, 91.16 million Nigerians were living below a dollar a day as of February 13, 2019.

NAIJ.com (naija.ng) -> Legit.ng: Same great journalism, upgraded for better service!

Minimum Wage: Is N30,000 Too Much for FG to Pay Workers? - Nigeria Street Gist | Legit TV

Source: Legit.ng

from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 https://ift.tt/2OCw5gj
via EDUPEDIA24/7

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...

EDUPEDIA247

Search This Blog