Every country is blessed with its national wealth which I have discussed here in this post.
✅What is meant by the national wealth of a country?
The national wealth of a country means the total monetary value of capital, goods, and services, including tangible assets, and foreign balance owned by a nation at a particular period. Every country has its national wealth which in my country, Nigeria we also have our national wealth which is the overall economic analysis and planning of Nigeria. The net worth or net wealth given by gross assets minus liabilities is known as the national net worth of a country.
✅ What is the significant national wealth in your country?
The significant national wealth in Nigeria is crude oil. Nigeria is blessed with so many natural resources and assets and crude oil is the most significant among all of the national wealth in Nigeria. In Africa, Nigeria is the top exporter of crude oil and we supply crude oil to some countries both African American countries and European countries. Crude Oil generates the highest revenue in the federation account of Nigeria.
✅ Why is the domestic financial wealth not included in the national wealth?
Well to my understanding the reason why domestic financial wealth is not included in the national wealth is that domestic financial wealth isn't categorized and recognized as a country's national wealth as they are majority owned by individual citizens and not government. Domestic financial wealth is mostly the money and loans owned by citizens of a country.
✅What to do to prevent the maintenance and waste of national wealth?
A lot can be done to prevent the maintenance and waste of national wealth some of the things that can be done are as follows:
- Upgrade of facilities
- Modernization of industrial facilities
- Employment of staff to manage industrial equipment
- Promotion of innovation and technology
- The government should stop borrowing
- Create more industries, companies, firms, etc.
I am inviting: @ruthjoe, @dave-hanny, and @jasminemary
Cc:-
@shiftitamanna