The Nigerian economy shows promise as the IMF projects an increase in the country's GDP growth, rising to 3.2% in 2025. This comes when projections show stagnant global growth at 3.2%, while sub-Saharan Africa outpaces other regions with an anticipated rise to 4.2% by 2025.
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.
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.
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.
Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.
The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.
Over the past six decades, African economies have experienced both rapid growth and severe contractions.
Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960.
North African Libya, Algeria and Egypt have also been in the top three in the period.
As of 2023, Egypt led the continent's GDP rankings.
Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP.
Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.
While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate.
Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy.
Total GDP grew by 3.08% during this period.
Nigeria's population has increased from 45M at independence in 1960 to an estimated 206M as of 2020. Nigeria's GDP recorded its biggest year-on-year increase in 1981. Today, being her independence day, we present Nigeria's GDP and population growth rate since 1960.
