Nigeria's GDP saw its steepest drop in 1999, marking the country's transition to civilian rule with Olusegun Obasanjo and Olu Falae running for president.
Over the years, Nigeria's economy has fluctuated, peaking in 2014. Despite stable population growth, recent economic dips underscore ongoing challenges.
From 1961 to 2022, Nigeria, Egypt, and Madagascar led Africa in rice production, supporting local economies and food security.
Nigeria peaked in 2017 with over 10 million tonnes, while Egypt and Madagascar also recorded strong years.
Since 2014, Nigeria has held the title of Africa's largest rice producer.
Since 2015, Seychelles has topped Africa's GDP per capita rankings because of its strength in tourism and fishing.
Libya, Equatorial Guinea, and South Africa have also occupied the top spot since 1960.
Watch how the countries vied for the top ten spots over the years.
Lagos led Nigerian states with ₦815.9 billion in Internally Generated Revenue for 2023, followed by the FCT with ₦211.1 billion.
Despite only a 25% growth, Lagos’ IGR confirms its economic dominance. The FCT, meanwhile, recorded an impressive 70% increase.
Ebonyi, though with lower revenue, achieved an astonishing 148% growth.
Taraba generated the least revenue, increasing by 6%.
In 2023, Libya led Africa in labour productivity, generating $29.7 per hour worked. Gabon and Mauritius followed at $25.6 and $25.5.
Meanwhile, Nigeria's workers generated $6.8 per hour, and Burundi recorded the lowest at $0.8.
Globally, Luxembourg and Ireland topped the list with $146 and $143 per hour, showcasing the efficiency and quality of human capital in these economies.
In H1 2024, the UK accounted for nearly half (48.9%) of Nigeria’s capital investments, totalling $2.93 billion, followed by South Africa (14%) and the Netherlands (11%).
This highlights the UK's long-standing economic ties with Nigeria, having invested over $47.5 billion over the past ten years. The UK remains Nigeria's top capital import source.
In 2023, global vehicle production surged, led by China with over 30 million vehicles — a 12% increase from 2022.
The US and Japan followed, holding 11% and 10% shares, respectively.
Global output rose 10%, reaching 93.55 million vehicles, up from 85.02 million in 2022.
Only two African countries — South Africa and Morocco — made the top 25, highlighting the continent's developing automotive sector.
Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked.
Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.
Between 2000 and 2023, Africa received $182 billion in Chinese loans, primarily for energy and transportation development.
Angola, with 25%, was the largest recipient; Ethiopia, Egypt, Nigeria, and Kenya followed.
While 49 countries benefited, experts warn of increasing debt risks.
In H1 2024, Nigeria's FDI accounted for just 2.5% of the country's $5.98 billion total capital imports, down from 14% in H2 2023 and 6.2% in H1 2023.
This highlights a shift towards other capital inflows like portfolio investments.
Portfolio investments rose significantly to $3.48 billion, rebounding from $397 million in H2 2023 and $756 million in H1 2023.