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Its GDP, which was US $93.3bn in 1980 is now currently about one-quarter of what it was a quarter of century ago.” The movement backward has been so fast, that Nigeria, which was ranked 20th in terms of size of its GDP currently ranked 57th.
Moreover, associated with this serious economic retrogression in terms of GDP, is the deepening level of poverty in the country. For example, according to NHDR (1998), it was estimated that 48.5 percent of the country’s total population (i.e. about 55.0 million) live below the poverty line; current estimates put the percentage at between 66 and 70 percent (i...
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