Monday, November 29, 2010

When the World Bank last classified countries along income lines in 2007, Nigeria was listed as a low income country. However, the latest classifications have now come out in the Migration And Remittances Factbook 2011, and Nigeria is now considered a middle income country.

There are 103 middle income countries and they include the likes of Brazil, Costa Rica, the Commonwealth of Dominica, Malaysia and Thailand. Apart from Nigeria, there are 19 other African countries in the middle income classification. These countries include Algeria, Angola, Botswana, Cameroon, Cape Verde, Cote D'Ivoire, the Republic of Congo, Djibouti, Egypt, Gabon, Libya, Morocco, Namibia, Sao Tome & Principe, Senegal, South Africa, Sudan, Swaziland and Tunisia.

Unfortunately, there are many African countries in the low income category. These include Benin, Central African Republic, Liberia, Tanzania and Zimbabwe to name a few. Interestingly enough, there are some unexpected African countries that are listed in the low income group category. These include Ghana and Kenya. 

I am happy to learn that Nigeria has moved from low-income to middle-income. While it suggests that more people are doing better financially, I find it hard to believe that this is indeed the case. Apart from the fact that the global economic slowdown is a reality for Nigerians, not a day goes by without labor unions going on strike or threatening to strike for better pay. The average Nigerian could not have moved up a category considering that many still do not have electricity, must travel on bad roads and remain burdened with 'leaders' who serve their pockets and not those of their constituents.

For Nigerians to truly benefit from this newest of classifications, they would have to have many things they do no currently have. While I hate to be a party-pooper, I will have to wait and see more evidence of this income change that Nigeria has allegedly experienced because the only people I know that are making more money are politicians and their friends. Many have gone from millionaires to multi-billionaires and their money is in shadowy, untraceable bank accounts around the globe. Unfortunately, that wealth does not impact Nigerians and given the country's track record, something tells me it never will. Not unless the US and other countries continue to seize illegally obtained monies stashed away by Nigeria's 'leaders'.

From The Archives:
- The Nature of Shame in Nigeria
- US To Seize Africa's Stolen MoneyUS Bans Nigerian Officials
Amnesty For Nigeria's Corrupt
- Nigeria's 50th Birthday: Suspicious Budget Increase 
- Ibori: Ambush, Arrest & Arraignment
- Britain Returning Looted Millions To Nigeria
- Nigeria's Persisting Punishment Problem
- Nigeria's Punishment Problem 
- Crime & Punishment: The Nigerian Edition

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