Nigeria made a first-ever progress as it recorded its maiden rise on the Legatum Prosperity Index (LPI) of most prosperous countries in the world.
At 129 position in 2018, the nation moved up by three points from its 132nd position in 2017; the first since the inception of the index in 2006.
The LPI is an annual ranking developed by the Legatum Institute, a division of the United Arab Emirates-based private investment firm, Legatum, and measures prosperity using nine pillars: economic quality, business environment, governance, personal freedom, social capital, safety and security, education, health and natural environment.
Of these pillars, Nigeria ranked 139, 66, 107, 111, 48, 145, 123,143, 104 positions respectively.
While the giant of Africa rose 12 places on the business environment pillar, it fell one point in safety and security.
“In the overall Prosperity Index rankings, Nigeria has climbed by three positions from 132 to 129 when compared to last year. Since the Prosperity Index began in 2006, Nigeria has moved down the rankings table by five places,” the report read.
“In the Prosperity Pillar rankings, Nigeria performs best on Social Capital and Business Environment and scores lowest on the Safety and Security pillar.
“The biggest positive change, compared to last year, came in Business Environment increasing by 12 places, whereas they dropped one place on Safety and Security.”
Despite Nigeria’s rise on the ranks, the country, however, falls among the 20 least prosperous countries (red zone) and the report says “those in the bottom 20 face significant challenges across all pillars, especially in improving Safety and Security.”