43% of Nigeria's capital imports since 2014 have come from the UK
Over the past nine years, the UK has been a major player in Nigeria's economy, contributing a substantial 43% ($47.5b) of the total capital imports. The UK's biggest capital investments in Nigeria occurred in 2014 and 2019. Since peaking in 2019, they have fallen 75% as of 2022.
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.
Angola recorded 8.28% CAGR, showing that smaller economies can drive significant per capita progress when policies and investments align with citizen welfare.
With 8.23% CAGR, Algeria continues to transform national wealth into measurable benefits for its people.
Ethiopia’s 6.86% annual growth in GDP per capita highlights how consistent development efforts can raise living standards even in densely populated, developing nations.
A modest 2.52% CAGR for South Africa might not sound like much, but in a mature economy, this reflects resilience and relative stability in per capita income.
Egypt has a -1.41% CAGR, showing mild contraction, but far less severe than Nigeria’s economic shrinkage.
Despite being among the top 4 economies by size, Nigeria ranks low in GDP per capita, revealing a disconnect between total wealth and individual prosperity.
With the highest nominal GDP and highest per capita GDP, South Africa showcases balanced growth and better wealth distribution.
Countries like Ethiopia and Nigeria have huge populations, which dilutes their GDP and drags down per capita figures.
Though fifth in total GDP, Morocco performs better in GDP per capita, highlighting efficiency in wealth distribution.
This proves that a country’s economic “size” doesn’t always translate to individual opportunity, wealth, or standard of living.
Economies like Nigeria and Ethiopia must focus not just on increasing GDP but on ensuring that economic growth improves lives at the grassroots level.
