Nigeria’s GDP per capita dropped $710 below Sub-Saharan Africa’s average in 2024, its widest gap in 25 years

Key Takeaways

  • Nigeria’s GDP per capita stayed above the Sub-Saharan African average from 2002 to 2023.
  • In 2014, Nigeria peaked at $3,088.7, far ahead of the region’s $1,886.5.
  • The post-2014 oil crash triggered a prolonged economic slide for Nigeria.
  • By 2023, Nigeria ($1,596.6) and Sub-Saharan Africa ($1,580.8) were nearly identical.
  • In 2024, Nigeria fell sharply to $806.9, $710 below the regional average of $1,516.4, its widest gap in over two decades.

From 2002 to 2023, Nigeria’s GDP per capita consistently stayed ahead of the Sub-Saharan African average, buoyed especially during the oil boom years. The most notable lead came in 2014, when Nigeria reached $3,088.7, about 64% higher than the region’s $1,886.5. However, after the 2014 global oil crash, Nigeria’s GDP per capita began a steady descent, gradually closing the gap. By 2023, both figures had nearly converged. In 2024, Nigeria’s figure collapsed to $806.9, its lowest in two decades and now $710 below Sub-Saharan Africa’s average of $1,516.4, marking a dramatic reversal in economic positioning.

Source:

World bank

Period:

2000 - 2024
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