Niger's real GDP grew by 9.9% in 2024, a significant increase from the slower growth rate of 2.4% the year before.

Top 10 African economies by real GDP growth (2024)

Key takeaways:

Niger’s 9.9% GDP growth in 2024 was the highest among African nations
At 7.0%, Rwanda remained one of Africa’s most consistent high-growth economies.
Despite being Africa’s largest economy, Nigeria’s 2.9% GDP growth is modest compared to smaller, more agile economies, signalling potential challenges in leveraging its vast resources.
The contrast between Niger’s 9.9% growth and Nigeria’s 2.9% highlights how smaller nations can outperform larger ones.

Niger led Africa in real GDP growth for 2024, achieving an impressive 9.9% growth. This marked a dramatic turnaround from its modest 2.4% growth in 2023. Following Niger are Rwanda (7.0%) and Benin, Ivory Coast, and Djibouti — all at 6.5%. Meanwhile, Nigeria, despite its size and economic significance, recorded a growth rate of 2.9%, falling short of the rapid expansions seen in smaller economies.

Source:

IMF

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Period:

2024

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Nigeria, the fourth-largest economy in Africa, experienced a constant annual growth rate (CAGR) of -16.02% in its GDP per capita over the past five years

At -16.02% CAGR, Nigeria's GDP per capita is shrinking fast, signalling deep economic strain on its population despite being a top 4 African economy.
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Tuvalu, the smallest economy, is projected to have an annual GDP of only $80m, less than what Amazon earns in a day

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Nigerian financial institutions contributed approximately ₦6.40 out of every ₦100 generated nationally in Q1 2024, up from about ₦4.60 contributed in 2023

At 6.40%, financial institutions now contribute more than ever to Nigeria’s GDP.
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