Nigeria Ranks 146th In Global GDP Per Capita, World Bank Reports.
Nigeria, Africa’s most populous nation, has been ranked 146th out of 191 countries in terms of GDP per capita, according to the latest data from the World Bank. The ranking, highlighted in a recent report, underscores the economic challenges facing the country despite its position as the continent’s largest economy.
The World Bank estimates Nigeria’s GDP per capita at approximately $6,207 (PPP, current international dollars) for 2023, reflecting the total value of goods and services produced divided by the population of over 230 million. This places Nigeria significantly below the global average of $22,452, as reported by the International Monetary Fund (IMF) for the same year. The ranking, shared widely on social media platforms like X, has sparked discussions about Nigeria’s economic trajectory and the urgent need for reforms to improve living standards.
Despite its substantial GDP, estimated at $362.81 billion in 2023 by the World Bank, Nigeria continues to grapple with systemic issues such as high poverty rates, insecurity, and inadequate infrastructure. The World Bank notes that 38.9% of Nigerians—roughly 87 million people—live below the poverty line, making it the world’s second-largest poor population after India. The country’s Human Capital Index also ranks among the lowest globally, with children born in 2020 expected to achieve only 36% of their potential productivity due to limited access to education and healthcare.
Economic growth in Nigeria slowed to 2.9% in 2023 from 3.3% in 2022, driven by high inflation (24.5%) and a depreciating naira, exacerbated by rising fuel costs following the removal of subsidies. The non-oil sector, particularly services and agriculture, has been a key driver of growth, contributing 4.13% expansion, while the oil sector contracted by 3.83%. The African Development Bank projects a slight recovery, with growth expected to reach 3.2% in 2024 and 3.4% in 2025, bolstered by new oil production from the Dangote refinery and improved consumer demand. However, challenges such as insecurity, low oil production, and exchange rate volatility remain significant hurdles.
Posts on X reflect mixed sentiments, with some users expressing concern over Nigeria’s low GDP per capita compared to regional peers like Ghana ($2,087 in 2023) and Ivory Coast ($2,700). One user noted, “Even Togo is now richer per capita than Nigeria,” highlighting the country’s economic struggles. Others, however, point to Nigeria’s potential, citing its vast natural resources and growing fintech sector, which accounts for 28% of Africa’s fintech companies.
The Lagos State Government, in a separate context, has been proactive in addressing economic and safety challenges, as evidenced by its response to fire incidents that caused N19.52 billion in property losses in 2024. Investments in infrastructure and safety measures, such as new fire stations and stricter compliance codes, demonstrate efforts to bolster economic resilience at the state level.
President Bola Tinubu, who assumed office in May 2023, has pledged to address these economic challenges through reforms aimed at diversifying the economy and improving security. The World Bank’s Country Partnership Framework (2021-2024) supports Nigeria’s goals of reducing poverty and promoting job creation, with $12.2 billion in financing for projects focused on human capital, economic diversification, and public sector reform.
As Nigeria navigates its economic challenges, the World Bank’s ranking serves as a call to action for policymakers and citizens alike. With ongoing efforts to enhance domestic revenue, improve tax compliance, and invest in critical sectors, there is cautious optimism that Nigeria can climb the global GDP per capita rankings in the coming years.