A Critical Appraisal of African Largest Economy Ravaged in Poverty & Destitution (A Case Study of Nigeria in the Light of the Recent Rebasing Nigerian GDP)

Abstract

The recent rebasing of Nigerian’s Gross Domestic Product (GDP) has brought to the fore that Nigeria is said to be the biggest economy in the Sub-Sahara Africa. However this claim could not be translated to good quality life of the citizenry. In a May Day message to the Nigeria Labour Congress May 1st, 2014, the former president Dr Goodluck Ebele Jonathan openly acknowledged the fact that Nigeria was not a poor country. According to him contrary to the International Monetary Fund (IMF) ranking of Nigeria as the 5th poorest country in the world which he posited with emphasis that the only problem is inequality and financial exclusion. He opined that money is circulating within a few hands which is capable of breading anarchy as we have it today. This research is an assessment of the Nigerian nation as the biggest economy in the sub-region and it’s implication for the level of poverty ravaging the greater majority of the citizenry. Statistical tools such as Pie charts, Bar charts, Regression Analysis, Trends, and Simple Averages will suffice. Secondary data such as text books, journals, magazines, newspapers internet document will apply. Recommendations on the best policy options to address the observed inequalities will be made in order to alleviate poverty in Nigeria the most populous country in the Sub-Sahara Africa

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