Nigeria was recently rated the poorest country in the world, ahead of India, and that’s despite several hundred billion dollars in oil earnings over the last decade, a transparency group has said. The Nigerian Extractive Industries Transparency Initiative, as quoted by local media, said Nigeria had earned some US$484 billion from oil in the last 10 years, but the state of its population and infrastructure has only deteriorated. According to the organization, the oil earnings were sufficient to meet the need for an annual US$15-billion investment in infrastructure for the next 33 years, but the funds were not used to do that. Meanwhile, in its latest report on poverty, the Brookings Institution estimated that the number of people living in extreme poverty in Nigeria had grown to 87 million people, versus 73 million in India. According to Brookings, poverty in India is falling while in Nigeria, it’s growing at […]