“Warren Buffett, probably the world’s most successful investor, has said that anything good that happened to him could be traced back to the fact that he was born in the right country, the United States, at the right time (1930)”.
None of us has a say in where he is born, but we can do something about it for our children. I therefore wish to discuss each factor associated with quality of life as related to Nigeria and plead for suggestions from all of us on how to improve on them so as to make this country a good place for us to live:
* Material wellbeing as measured by GDP per head:
The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output. GDP can be defined in three ways, which should give identical results. First, it is equal to the total expenditures for all final goods and services produced within the country in a specified period of time (usually a 365-day year). Second, it is equal to the sum of the value added at every stage of production by all the industries, plus taxes and minus subsidies on products. Third, it is equal to the sum of the income generated by production like compensation of employees, taxes on production and imports less subsidies, and gross operating surplus. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.
The Gross Domestic Product (GDP) in Nigeria was worth 243.98 billion US dollars in 2011. The GDP value of Nigeria represents 0.39 percent of the world economy. GDP in Nigeria is reported by the World Bank. Historically, from 1961 until 2011, Nigeria GDP averaged 50.07 USD Billion reaching an all time high of 243.98 USD Billion in December of 2011 and a record low of 4.40 USD Billion in December of 1961. This is low as compared to 14.99 USD Trillion of United States in 2011.
* Life expectancy at birth:
Life expectancy at birth indicates the number of years a newborn infant would live if prevailing patterns of mortality at the time of its birth were to stay the same throughout its life. In other words, it contains the average number of years to be lived by a group of people born in the same year, if mortality at each age remains constant in the future. The entry includes ‘total population’ as well as the ‘male’ and ‘female’ components. Life expectancy at birth is also a measure of overall quality of life in a country and summarizes the mortality at all ages. It can also be thought of as indicating the potential return on investment in human capital and is necessary for the calculation of various actuarial measures. It is estimated to be 52.05 years for total population, 48.95 years for male and 55.53 years for female (2012 estimates) in Nigeria. This is low as compared to 78 years in Qatar for example.
* The quality of family life, based primarily on divorce rates:
Family quality of life refers to the extent to which families’ needs are met, family members enjoy their life together, and family members have a chance to do the things that are important to them. The five domains of family quality of life are emotional well-being, parenting, family interaction, physical/material well-being, and disability-related support.
* The state of political freedom:
Political freedom is described as a relationship free of oppression or coercion; the absence of disabling conditions for an individual and the fulfillment of enabling conditions; or the absence of lived conditions of compulsion, e.g. economic compulsion, in a society. It can also refer to the positive exercise of...