See How Nigerian Economy was Impressively Rated By world Bank

Recent placement of Nigeria’s economy by global rating agencies in particular the World Bank, as the 26th largest in the world specifically in terms of nominal Gross Domestic Product (GDP) and 24th for Purchasing Power Parity (PPP), has met with mixed reactions within the country and concerns that such is likely to induce a false sense of security in government circles. Daily Trust reported that,While ranking within the first 30 in the World Bank list of 155 countries, Nigeria’s position seems impressive, the situation belies the state of affairs in the country. This is because the two measures represent different aspects of the economy, and hardly the total picture. While the GDP is a measure of the market value of the total production of goods and services in the nation’s economy within a designated year, and the PPP reflects the purchasing power of Nigeria’s currency the Naira and even standard of living of the citizenry, they hardly tell a complete story of the state of affairs, es...