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According to International Monetary Fund defined developed countries as a countries that possess some criteria such as per capital income levels export diversification, degree of integration into the global financial systems and economic criteria such as industrialization and Human Development Index (HDI)
However, the United Nations also stated indexes of national development include long live expectancy, eradication of poverty, high literacy rate, improve standard of living, good and accessible quality education, good and accessible quality health care system and finally creation of job (employment).
Meanwhile, World Bank differentiates developed countries from developing countries with an index of Gross National Product (GNP) per capital. If World Bank index countries with GNP per capital of more than $1,000 are considered developed courtiers while those less than are called less developed countries.
According to internet research the latest value for GNI per capital, atlas method (current US $) in Nigeria was 1,230 dollars as of 2010. Over the past 48 years, the value for this indicator has fluctuated between 1,230 US dollar in 2010 and $100 in 1962
At this back drop following the definition of World Bank of developed country, Nigeria is believed to be a developed country.
My fellow Nigerians who is deceiving who? Is it the World Bank that is deceiving us or our leaders?
The World Bank definition can portray a country to be rich while vast majority are wallowing in abject poverty
In the case of Nigeria, the index can lead to economic growth with attendant with high rate of unemployment and under-employment.
The index tends to widen the gap between the rich and poor in the society
And finally the World Bank definition focuses more on money only as the yardstick for measuring development when there are other things besides money that can make life feel more abundant, such as provide good and accessible medical care, schools, infrastructural amenities etc
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