Is Nigeria a rich or poor country?

 Is Nigeria a rich or poor country?

Nigeria is a resource-rich country, but economically it faces significant challenges—so it’s often described as a paradox: rich in resources, poor in development.

Here’s a clearer breakdown: Why Nigeria Is Considered Rich: Natural Resources: It has the largest oil reserves in Africa and is a major oil exporter. Population: With over 200 million people, Nigeria has a large labor force and consumer market. Entrepreneurial Energy: Nigerians are known for their resilience and drive, with a growing tech and entertainment sector (e.g., Nollywood, Afrobeats). Agriculture & Land: Fertile land and a large agricultural base.

Why Nigeria Is Considered Poor: High Poverty Rate: Over 60% of Nigerians live on less than $2 a day. Unemployment & Underemployment: Particularly among youth. Corruption & Mismanagement: Billions in oil revenue have been lost to poor governance. Infrastructure Deficits: Power, roads, health, and education are underdeveloped. Inequality: The wealth gap between rich and poor is wide. So, Nigeria is potentially rich, but systemic issues keep the majority of its population in poverty.

See also: (In Nigeria) NNPCL Faces Backlash Over $897m Warri Refinery Revamp Failure