Is Nigeria a third-world country?
- Gross National Income (GNI).
- Human Development
The Human Development Index (HDI) is a common way to classify a country’s development. It tracks indicators such as education, life expectancy, per capita income, and education to assess each country’s human developmental status.
Nigeria is indeed a third-world country. Third World refers to countries that are not developed or have poor performance in certain areas. These countries are most in dire need of development.
The economic outlook for Nigeria is still uncertain. Nigeria continues to face major developmental challenges. These include the need to reduce dependence on oil and diversify its economy, address insufficient infrastructure and build strong, effective institutions. Governance issues must also be addressed and the public financial management system must be improved.
Recent challenges to Nigeria’s government include terrorism and insecurity. The high level of inequality in terms of income and opportunities has negatively impacted poverty reduction. Lack of job opportunities is the root of high levels of poverty, regional inequality, as well as social and political unrest.
Inflation has also hurt household welfare. High prices in 2020 will likely have driven an additional 7,000,000 Nigerians into poverty by 2020.
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