Nigeria Can Be Classified as a Developing Country, Says World Bank
Nigeria is classified as a Developing Country by the World Bank. The country has huge natural resources like oil, minerals, and agriculture but still remains one of the poorest countries in Africa.
Nigeria is considered as a Developing Country due to its huge natural resources but remains one of the poorest countries in Africa. The country currently has an economy that relies heavily on its oil industry but also has diverse energy sources which include coal, gas, and renewables.
Nigerians can be classified into two groups: rich and poor. The rich are mostly found in Lagos and live a luxurious life while the poor mostly live in rural areas and face severe hardship. There are various challenges that Nigerians face such as poor infrastructure, corruption, religious extremism, inadequate education system etc
Nigeria has been classified as a developing country by the World Bank. The classification is based on GDP, debt, and life expectancy.
This classification may affect several aspects of Nigeria’s economy, such as foreign direct investment.
According to the World bank, “The poverty rate has increased from about 25% in 1993 to about 50% in 2008.”
Nigeria is home to more than 200 million people and is an emerging economy. Nigeria has a GDP per capita of $3,750 USD but it ranked behind many developed countries. They are still considered a developing country and are in need of the investment that can help them develop.
The World Bank released their newest report on the developing countries and their development needs. The ranking provides a list of 40 countries with the highest GDP per capita and 40 countries with the lowest GDP per capita. Nigeria falls in between these two categories at 21st out of 40.
Introduction: What is a developing country? and Nigerias Development Status
There are several ways of defining a developing country. A country can be considered as a developing country when it is not industrialized, if it has low per capita income, if the population has low literacy rates and if there is lack of human resources.
Nigeria’s development status: Nigeria is considered as a developing country. According to the World Bank, Nigeria’s GNI (Gross National Income) per capita was at US$2741 in 2016 compared to US$5216 for USA. But in recent years, Nigeria has made great strides in increasing its GDP (Gross Domestic Product).
Introduction: Developing countries are countries that are less developed than industrialized countries based on the criteria such as percentage of population with high school education or literacy rate among adults over 15 years old
Developing countries are those that are transitioning from a low-income economy to a middle-income economy. These countries have lower standards of living, less well developed infrastructure and low levels of economic development.
Nigeria is an example of an economically developing country that is still struggling with many issues. In the past few years, the Nigerian government has implemented reforms and created opportunities for economic growth in order to alleviate poverty.
Introduction: Developing countries are those that are transitioning from a low-income economy to a middle-income economy. These countries have lower standards of living, less well developed infrastructure and low levels of economic development. Nigeria is an example of an economically developing country that is still struggling with many issues. In the past few years, the Nigerian government has implemented reforms and created opportunities
Why Can Nigeria Be Classified as a Developing Country?
Nigeria, is a country in West Africa, with a population of over 180 million. Nigeria has been classified by the World Bank as a high-income economy and possesses one of the fastest growing economies in the world. Nigeria is also home to some of the richest people in Africa.
Nigeria has been classified as a developing country because it lacks sufficient infrastructural investments and other capital resources required for development.
A developing country is an economy that does not have what it takes to be classified as an industrial power on global level. This includes having an advanced economy and access to natural resources such as oil or minerals. Some common indicators for a developing country are: high rates of poverty, low levels of human development, low levels of education attainment, limited infrastructural networks, poor health.
Nigeria’s Development Status according to various index
Nigeria is one of the largest economies in Africa and with its growing economy, it is expected to be a leading economic power within the African continent in the next few years.
Nigeria’s development status according to various index include:
– The World Bank’s Doing Business Ranking – it is ranked 174 out of 190 countries on Doing Business Index.
– The United Nations Development Programme (UNDP) Human Development Index – Nigeria ranks 85th out of 188 countries on this index.
– The United Nations Human Development Report (HDR) 2016 – Nigeria ranks 178th out of 188 countries on this index.
The World Bank’s New Development Index Lowers Nigeria’s GDP Growth by 20% over the Next Decade
According to the World Bank’s new Development Index, Nigeria’s GDP growth rate is expected to decrease by 20% over the next decade. This new index is based on the rate of change in productivity and GDP, and compares the country with other countries in its region.
The World Bank has just released its latest Development Index – a ground breaking study that predicts Nigeria’s GDP growth rate will decrease by 20% over the next decade. The index takes into account factors such as productivity and GDP change rates, measurement of poverty, health and education levels. It also considers a country’s openness to trade and investment, capital flows into developing countries, economic inequality and sustainability.
Nigeria has a high-risk profile for development which may be attributed to its small market size but resilient population. The report
Nigeria’s GDP growth is currently the highest in Africa, but the World Bank predicts that this will change by 20% over the next decade.
Despite its growing economy, Nigeria has not been able to curb poverty rates and development gaps. The country needs to focus on education and healthcare to propel it into becoming a prosperous country.
The World Bank’s New Development Index projects that Nigeria will drop from being one of the top 10 fastest-growing economies in Africa to one of the slowest-growing economies in 2019, with low levels of education and healthcare.
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