The GDP of Nigeria in 1970 was 12.55 billion USD, while the population of Nigeria in the same year was 55.98 million. Thus, the GDP per capita of 224.10 USD.
As of 2019, GDP was 446.543 billion USD, and the population of Nigeria was 200.96 million. So a GDP per capita of 2,222 USD.
We are in a far better place than we were 50 years ago. Could things have improved further? The answer is a “big yes” because developed countries are doing so much better. Comparatively, the GDP per capita of the USA in 2019 is 65,112 USD. These data show why Nigeria is poor. From 1970 until 2019, between 47% – 53% of the population of Nigeria has continued to live in extreme poverty.
To change the narrative, firstly, we must have a roadmap for the future. Secondly, from this plan, we need to prioritise investment in education. Thirdly, we have to provide a dependable level of security of lives and property. Fourthly, we need to fix our electricity problem. A secure environment provides a basis for business investment. Also, an educated population supplies skilled human resources to organizations.
Nigeria is facing numerous challenges than presented here. Every generation had its lazy youths and privileged few. The current large population of Nigeria exacerbates its poverty, but China fixed their problems. Where there is a will, there is a solution. We have to keep working smart and hard.
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