Wednesday, August 31, 2011

Social indicators paint bleak picture of Nigerians

Business Day
30 August 2011

.•Gini co-efficient lower than African, Middle East average

Nigeria faces increased political and social vulnerability if the picture painted by economic analysts is anything to go by. The analysts say the nation’s gini co-efficient,  a measure of inequality in income and consumption, is higher than the average for Africa and the Middle East as a whole, at 0.44 or 43.7 percent.

The bleak picture shows that one person, for instance, consumes an average of 8.5 litres of milk per year, in Nigeria, compared to an average of 48.8 litres per person in Africa and Middle East .

Bismarck Rewane,  economist and chief executive officer of Financial Derivatives Company (FDC) Limited, in his recent economic report said one person in Nigeria is only privileged to consume an average of 9.6 kilogrammes of meat, compared with an average of 24.9 kilogram per person in Africa and Middle East

Based on the foregoing, Rewane warns that unless something is done to drastically improve the situation, Nigeria stands the risk of increased political and social vulnerability, with the present state of things. 

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