Is Nigeria rich?

Many people would want to believe Nigeria is presently rich. But is Nigeria rich? Some Nigerians maybe super rich and feature in the Forbes radar but can that be said of Nigerians on the street. In fact this year’s list of 40 African billionaires by Forbes magazine, 11 Nigerians were mentioned.
Although Nigeria have one of the highest economic growth rate in the world, averaging 7.4% in the last decade and one of the major oil exporters in the world. But the data for the man on the street speaks otherwise

• • About 60% of Nigeria live below $1 per day
• • Per Capita is about $2,800 that is all income of Nigeria generated in a year divided among all the population.
• • If all the wealth of the billionaire aforementioned are added together they are not as much as Carlos Slim, the World richest man from Mexico.
• Even-though Nigeria is resource rich, her annually budget which tally with her income is $500 million dollar for 2012 some Forbes 500 have bigger expenditure than that.

   Is Nigeria Rich?

"Image courtesy of [Struat Miles] / FreeDigitalPhotos.net".

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