Steve Hanke, an American Professor of Applied Economics at the John Hopkins University in the United States has regarded Nigerians as sixth most miserable people in the world in his annual Misery Index .
The Misery Index is calculated based on economic indices like unemployment, inflation and bank lending rates.
In the report, the unemployment rate was the major contributing factor for Nigeria.
The top five countries above Nigeria in the list of world’s saddest countries are; Venezuela, Argentina, Iran, Brazil, and Turkey. These countries have high inflation rates as the major contributing factors.
Explaining the annual Misery Index measurement, Hanke said:
”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”.
Two other African countries in the top 10 of most miserable countries are South Africa and Egypt.
Recall that in September 2018, the Goalkeeper report, an annual report sheet of the Bill and Melinda Gates Foundation stated that Nigerian will have the world’s poorest people by 2050.