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Nigeria Is The 6th Miserable Country In The World

Nigeria Is The 6th Miserable Country In The World

Nigeria has been ranked sixth among the most miserable countries in the world.

Funsho Akinwale

Nigeria has just been listed as the sixth miserable country in the world. Steve Hanks, an Economist from John Hopkins University, Baltimore, United States of America, ranked Nigeria as the sixth among the ten miserable countries in the world.

Other countries in the category as listed by Steve, include Venezuela, Iran, and Brazil. Reacting to the report, the US Economist noted that Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.

Argentina was second position in the ranking following the economic crisis that has pervaded the South American country for many years. Iran reportedly came third in the ranking before Brazil on fourth position.

Turkey took fifth position as Nigeria, the giant of Africa emerged 6th position in the report.

The misery index ranking based its report on economic indices including unemployment, inflation and bank lending rate.

The reason for Nigeria being mentioned in the report was as a result of the high rate of unemployment in the country.

Recall the first Misery Index was released by economist Art Okun in the 1960s as a way to provide President Lyndon Johnson with an easily digestible snapshot of the economy.

That original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate.

The Index has been modified several times, first by Robert Barro of Harvard before Steve Hanks of John Hopkins University in the US.