Economy - Intelpoint

Nigeria’s GDP has been rebased to a 2019 base year, raising its nominal value by about 40.8%, according to the IMF’s October 2025 update.
The revision includes new data on digital, informal, and service sectors, giving a fuller picture of the economy.
Nigeria ranked among the world’s top 20 economies in 1998, 2013, 2014, and 2015, peaking in 2014 at $811 billion.
Despite later declines from currency depreciation and slower growth, the revision reaffirms Nigeria’s position as Africa’s largest economy.

From recession to recovery, Nigeria’s GDP growth journey reveals three decades of economic volatility and slow transformation.
Nigeria's economy grew by 14.6% in 2002, which is still the highest in the country's history.
The country entered a recession in 2016, with the economy shrinking by -1.6%.
Nigeria enjoyed a long period of strong growth between 2003 and 2010: The economy grew between 7% and 11%, powered by high oil prices and booming sectors like telecoms and banking.

South Africa’s share of Africa’s GDP has averaged around 20% since 1960.
The country’s relative dominance peaked in the early 1990s at nearly 28% of continental GDP.
Nominal GDP grew steadily from $8.7 billion in 1960 to over $400 billion in 2024.
South Africa’s share of Africa’s GDP has generally declined in recent decades as other African economies expanded faster.
Despite the relative decline, South Africa remains one of Africa’s largest and most influential economies.

At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.

From 2013 to 2024, the services sector has consistently dominated Ghana’s GDP, while agriculture has remained the smallest sector.
A weak agriculture sector can make Ghana more dependent on food imports.
Agriculture’s stagnation reduces its role as a labour buffer.

At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.

Trade contributed 18.28%, making it the largest sector in Q2 2025's GDP.
Crop production followed with 17.8%, underscoring agriculture’s central role.
Oil and gas added just 4.05%, highlighting its shrinking share compared to non-oil sectors.
Real estate and telecoms reinforced the growing strength of services in the Nigerian economy.

Morocco’s GDP per capita has shown a fluctuating pattern in the last 25 years, with periods of steady growth and also fall.
The years 2003–2008 stand out as a high-growth phase, with GDP per capita rising rapidly from $1,941.9 to $3,183.2.
In 2021, a dramatic 15.9% rebound took GDP per capita up to $3,785.9.
In 2024, nominal GDP per capita stood at $3,993.4.
The last 25 years depict a more than twofold increase in Morocco’s GDP per capita, moving from $1,499.1 to $3,993.4.

South Africa’s GDP per capita rose from $440 in 2000 to an all-time high of $2,692 in 2024.
Growth was relatively steady in the 2000s, with notable jumps after 2006 and again in the post-pandemic years.
Despite dips in 2008 (global financial crisis) and 2020 (COVID-19 shock), the economy showed resilience with quick rebounds.
By 2024, South Africa achieved its strongest per capita GDP on record, cementing its role as one of Africa’s leading middle-income economies.
The country recorded growth in 21 of the past 24 years.

Algeria’s GDP per capita more than tripled in 25 years, rising from $1,772.9 in 2000 to $5,631.2 in 2024.
The 2000s boom saw rapid growth, peaking at $5,180.9 in 2008, fuelled by high oil and gas prices.
Between 2014 and 2016, GDP per capita fell from $6,094.7 to $4,425.0, reflecting oil price collapses and domestic fiscal strain.
After pandemic-era lows in 2020 ($3,743.5), Algeria rebounded to its second-highest level on record in 2024 ($5,631.2), regaining its regional standing.

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