Things Are Hard, But Nigerians Are Getting Richer, Says New Report
The economy may be growing at a sluggish pace, millions of people may not be able to find work but Nigerians are getting richer.
And that is according to a new report by Legatum Prosperity Index, LPI which was released on Wednesday.
In the new report, Nigeria recorded a leap on the 2018 LPI of most prosperous countries in the world.
At 129, the giant of Africa 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.
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