Poverty: Switzerland ranks best country in the world, Nigeria ranks 46th poorest nation

European giant, Switzerland has once again been named the best country in the world for 2024.

In the influential ranking by U.S.

News & World Report and Wharton School, Switzerland outperformed in areas such as pro-business environment and quality of life.

Notwithstanding the world’s current shift in global dynamics, this is the nation’s third consecutive year in the top spot.

This rankings should serve as a significant indicator that a good standard of living is very much achievable.

Meanwhile, Nigeria ranks as 46th poorest country in the world according to a report from Global finance magazine.

Nigeria, who is the largest economy in Africa, faces economic challenges as almost 40% of the population still lives below the poverty line.

Despite a series of democratic elections, the country with the largest population in Africa, still confronts political instability which in turn, hampers economic progress and threatens social security.

Nigeria has consistently ranked poorly on the human capital index.

This hideous statistic has led many young educated Nigerians to emigrate to better options and a favorable business environment.

Recall that at his inauguration last May, President Bola Tinubu announced the removal of subsidies on petrol. Following this new development, the Central Bank of Nigeria in June floated the naira. 

This changes had impacted on the market, as inflation rose to 29.9%, making it the highest in 29 years. Some foreign companies have left Nigeria in the past year.

However, Nigeria remains a nation with wealth of untapped natural resources. Nigeria boasts of gold, bauxite, coal, bitumen, lead, and zinc, among others.

In Nigeria’s defense nations like Madagascar, Liberia, Niger, Malawi, South Sudan have topped the list of the world’s poorest nations, bedeviled with political and social divisions, inequality, corruption and warfare.

But in comparison to the richest countries in the world, Nigeria has underperformed. The lackadaisical attitude of the country to drive growth and eliminate institutional corruption has led to its worst economic crisis for decades.

The nation currently faces petrol scarcity, shortages and most unexpected price hikes in Premium Motor Spirit (PMS).