Friday, April 8, 2016

Nigeria ranked 142 of 149 countries in ability to convert wealth to well-being

Boston Consulting Group released a report that shows that Nigeria ranks 142 out of 149 countries on ability to convert wealth into well-being. According to the report, Nigeria ranks 142, ahead of Libya and Angola but behind countries like Swaziland and Pakistan.

The report was based on BCG’s Sustainable Economic Development Assessment. SEDA looks at the direct bearing of wealth on well-being and examines the connection by looking at a country’s current level of well-being relative to income levels and at recent changes in well-being relative to economic growth.The relationships are reflected through wealth-to-well-being and growth-to-well-being coefficients.

Commenting on the report, the consulting group said: “Our analysis reveals that although Nigeria is in line with its Sub-Saharan peers in many SEDA dimensions, such as income and economic stability, it trails most of these countries, as well as the global average, in the ability to convert wealth (as measured by GDP per capita) into well being.The report therefore recommended improvement in the country’s infrastructure through prioritized investments as this will help to secure its long-term success as Africa’s largest economy.

Excerpt from vanguard.

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