Nigeria and the Misery Index: Not a Miserable Country - THISDAYLIVE via thisdaylive
In a Report titled The Misery Index 2018 authored by Dr. Steve Hanke of the Johns Hopkins University in Baltimore, Maryland, Nigerians have been labelled the sixth most miserable people in the world. The misery index was introduced in the 1970s by Arthur Okun, an American economist, author of the seminal work, Equality and Efficiency: The Big Trade Off . The original index considers such factors as unemployment rate and inflation rate.
It is important to break down and outline some of these well-known, elementary points because I see a tendency in this season to ignore external rankings or politicize them. The People’s Democratic Party has already jumped on the back of the Misery Index to say that the Report confirms the party’s position that Nigeria’s economy “has virtually collapsed under Buhari.” The Hanke index does not say that the Nigerian economy has “virtually collapsed”.
The EIU/HSBC in retrospect got the political analysis wrong but the economic projections remain relevant and instructive. The Steve Hanke Misery Index Report may have been influenced by the EIU report. Rather than dismiss it however, the Central Bank of Nigeria and the Presidency should study the report and attend to the messages about economic growth and the careful management of certain indicators to deliver prosperity to the people.
There are perhaps certain anthropological factors, a certain kind of neuroscience that accounts for a people’s happiness rather than cold macro-economic statistics. In 2011, Nigeria was classified as the happiest place on earth in a Gallup Poll and its people as the most optimistic. This was within the context of widespread underdevelopment, and all forms of social sector crisis. Nigeria’s status as a happy country was again confirmed in a World Values Survey in 2014.
The average Nigerian is imbued with a fighting spirit. If people in other countries go through what Nigerians have gone through and are still going through, such countries would have imploded. But Nigeria has not collapsed because the people’s fighting spirit is unique. In the midst of risks and vulnerability to poverty due to economic mismanagement by Nigeria’s leaders, the average Nigerian continues to forge ahead. These are people who don’t give up easily.
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