Though Nigeria is a developing country, it is a 3rd world country when measured in terms of;
- Gross National Income (GNI)
- Human Development
Looking at the list above, one common method used to categorize the development of a country is Human Development Index (HDI). It is used to evaluate each country’s human development by tracking indicators such as life expectancy, education, and per capita income.
Nigeria is indeed a 3rd world country. The term Third World is used to identify the countries with substandard, underdeveloped, or underperforming conditions in certain fields, which are in great need of development.
But why is Nigeria a 3rd world country even though it is a developing country?
Nigeria’s economic outlook remains highly uncertain. The country continues to face massive developmental challenges, including the need to reduce the dependency on oil and diversify the economy, address insufficient infrastructure, build strong and effective institutions, as well as address governance issues and public financial management systems.
Insecurity and terrorism have been a major challenge to the Nigerian government in recent times. Inequality, in terms of income and opportunities, remains high and has adversely affected poverty reduction. The lack of job opportunities is at the core of the high poverty levels, regional inequality, and social and political unrest.
High inflation has also taken a toll on households’ welfare and high prices in 2020 are likely to have pushed an additional 7 million Nigerians into poverty 2020.