Why has the Nigerian ruling class not been able to solve any fundamental problems of the Nigerian masses?
For close to 50years after independence, Nigeria is a small player in the global economy. With GDP at $100billion, the country accounted for 0.28 percent of world’s GDP in 2005. The GDP of South Africa is more than twice that of Nigeria. Although Nigeria’s population is the ninth largest in the world, its economy ranks 49th in the world, while its population is about 45percent of that of the United State, Nigeria’s GDP is less than one percent of that of the united state. Nigeria’s economic decline, especially during the last 20 years is illustrated by the fact that per capita income, which was US $1000 in 1965 had declined to US $300 by 1998. Within some 18 years, Nigeria had declined from being a low middle income country and amongst the fifty richest countries in the world to one of the 30 poorest. For these reasons, the Nigerian ruling class failed woefully to carry out any major economic development. It is estimated that over 60% of productive capital in Nigerian economy is owned
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