Nigeria vs Other Developing Economies: Putting Nigeria in Context

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⚖️ Nigeria vs Other Developing Economies: Putting Nigeria in Context

Comparing Nigeria with India — another large NEE — and Ghana — a neighbouring lower-middle-income country — helps clarify where Nigeria sits in the global development picture and what its distinctive challenges are.

IndicatorNigeria (NEE)India (NEE)Ghana (Lower-MIC)
GDP (total)~$440 billion~$3.7 trillion~$77 billion
GDP per capita~$2,100~$2,600~$2,400
HDI0.5600.6850.628
% below $1.90/day~62%~22%~25%
Urbanisation rate~53%~36%~58%
Life expectancy~55 years~70 years~64 years
Main economic driverOil (90% of exports)Services and ITGold, cocoa, oil

What this tells us: Nigeria has the largest economy of the three in total, but its HDI and poverty rates are worse than both India and Ghana. This is the "paradox of plenty" — an oil-rich economy with widespread poverty. India's success in diversifying into services and IT, reducing poverty from 45% to 22% in 20 years, shows what Nigeria could achieve with greater diversification and investment in human capital.

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