Not getting better, Nigeria edition

According to the BBC, poverty Nigeria (used $1 a day threshold) has risen by 6.2 percentage points in the past 8 years.

The NBS admitted there was a paradox at the heart of Nigeria, as the economy was going from strength to strength, mainly because of oil production, yet Nigerians were getting poorer.

What isn’t clear yet (I’ve yet to see the report – would be helpful if someone else wants to comment) is whether or not the NBS’s analysis has any caveats which could be driving this story (differences in sampling, definitions of poverty) etc. I’m also assuming the data was constructed prior to the very recent price hike.

These concerns aside, good god – Nigeria’s been growing at around 6% a year for the past few years and is rich enough to be considered lower-middle income. I think I just felt a¬†disturbance¬†in the force, one shaped like Andy Sumner.

2 thoughts on “Not getting better, Nigeria edition

  1. Ranil Dissanayake

    February 13, 2012 at 4:34pm

    Would be extremely interesting to see a growth decomposition which looks at to what extent Nigerian economic growth results from newly extracted resources compared to increased labour or capital productivity in existing forms of employment and to the creation of new productive economic enterprises.

    I would bet my bottom dollar that most of it comes from the first category, and little of that money is reinvested in the real economy (or even housed in the local financial sector).

  2. Seven

    February 15, 2012 at 12:07am

    I would say, having 1st hand knowledge of the situation in Nigeria. The data that comes out of the government, is not acurate, and the situation maybe worse.
    I would love to see an actual report from the government, the government have no clue, what the real number for the population, or its work force, not to talk about how much each individual spends on avg.
    Nigeria has a problem recording and maintaining data, and this culture has been feed for years, by the corrupt political elite, to hide the real situation on ground.

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