Despite billions of dollars from oil export alone, data compiled by Steve Hanke, an economist from John Hopkins University in Baltimore, US, has classified Nigerians as the sixth “most miserable people in the world.”
The Misery Index was calculated using economic indices such as unemployment, inflation and bank lending rates.
The high rate of unemployment was the major contributing factor Nigeria’s poor ranking.
Venezuela, Argentina and Iran, the countries that topped the index, also have high inflation rates.
Hanke told Forbes, “The 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 and then by myself.
“My modified Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in real GDP per capita. Higher readings on the first three elements are “bad” and make people more miserable.
“These are offset by a “good” (GDP per capita growth), which is subtracted from the sum of the “bads.” A higher Misery Index score reflects a higher level of
“misery,” and it’s a simple enough metric that a busy president, without time for extensive economic briefings, can understand at a glance.”
Three African countries, Nigeria, South Africa and Egypt, fell between the top 10 most miserable countries.
See the Misery Index below: