Nigeria’s $4 hourly rate average puts it on the list of least productive economies in the world. This was deduced from a new analysis of Gross Domestic Product (GDP) data from the Organisation for Economic Corporation and Development (OECD) and hours worked data from the Central Intelligence Agency.

Labour productivity, according to the National Bureau of Statistics (NBS), is derived as the ratio of total output (annual GDP, current prices) to labour input (total hours worked per year). With this as basis, Nigeria’s productivity per hour is approximately $4, according to NBS data. This represents a 52.5 percent increase in labour productivity over a five-year period (2010 – 2015) and a 12.2 percent between 2014 and 2015.

Luxembourg, with a population of less than 600,000, clinched the crown of the most productive economy in the world, as its average productivity per hour hit $44 per hour. Norway came next with $35 per hour, Australia $29, Switzerland $27, Germany $25, and the United States of America $23 per hour, among others.

The least productive economies included: Estonia, $11 per hour, Greece $9.4, Russia $9, Mexico $6 and Costa Rica $5, among others. Nigeria’s $4 per hour secures it a place on this list of least productive economies in the world.

Interestingly, the most productive economies turned out to be countries with shorter work hours, per worker annually. The most productive economies Luxembourg has 1643 hours per worker per annum, Norway 1427 hours, Australia 1664 hours, Switzerland 1568 hours, the Netherlands 1425 hours and the United States 1789 hours, among others.

The least productive economies paradoxically have the longest work hours per worker per annum. Greece has 2042 hours per worker per year, Russia 1985 hours, Latvia 1938 hours, Mexico 2228 hours, Costa Rica 2216, and Nigeria 2050 hours.
https://businessdayonline.com/nigerias-4-per-hour-puts-it-on-list-of-least-productive-economies-2/