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Is Nigeria a rich country?

Answer

Yes. Nigeria is a very rich country. Richer than all the African countries. But how do you know or measure a country’s riches? There are several ways. However, one of the best methods is to evaluate each country’s gross domestic product or GDP. Economists and politicians across the globe use Gross Domestic Product (GDP) as the ultimate yardstick for measuring and ranking countries’ wealth.

To make country-to-country comparisons more precise, GDP is often first adjusted for Purchasing Power Parity (PPP), which modifies each country’s GDP relative to local prices, and is expressed in a fictional currency called international dollars (INT).

With a GDP of just over $514.05 billion, when viewed on a global scale, Nigeria is the richest country in Africa next to Egypt. Much of the growth is related to oil, telecoms, finance, the stock market and real estate. The country’s re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. In addition, the debt-to-GDP ratio was 35.71% as of 2022.

Unfortunately, Nigeria is still a 3rd world country, often seen to be rich in terms of human capacity or population and natural resources.

The main reason why people may think Nigeria is poorer than it actually is is that the wealth gap between the rich and the poor is so wide; great infrastructure is only mostly found in urban areas and like plenty of African countries, corruption is rife. It is also tinkering on the edge of overpopulation.

Source cited:

https://worldpopulationreview.com/country-rankings/richest-african-countries,  https://www.managementstudyguide.com/nigeria-a-strange-mix-of-poverty-and-oil-wealth.htm

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