Nigeria's population soars, but GDP has faced significant fluctuations from 1960 to 2023

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.

Source:

World Bank

Period:

1960 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Nigeria spends millions of dollars on each national census
  • Nigeria spent $6 million on its first post-independence census in 1962.
  • There is no publicly available data on the amount spent during the 1991 census.
  • By 2006, census spending had surged to $266 million, highlighting a significant increase in the cost of national population counts.
  • The budget for the upcoming 2025 census has not yet been disclosed.
  • In April 2025, President Tinubu inaugurated the National Census Committee and gave a three-week deadline to submit a detailed report.
Nigeria, the fourth-largest economy in Africa, experienced a constant annual growth rate (CAGR) of -16.02% in its GDP per capita over the past five years
  • 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.
With an impressive GDP of $199.72 billion, Nigeria is still the lowest-performing of Africa's top 10 economies
  • 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.
Generation Alpha has now surpassed all other generations, making up 24.4% of the global population
  • Generation Alpha is the largest generation, making up 24.4% of the global population.
  • Gen Z and Millennials still hold strong influence, comprising 22.9% and 21.2% of the global population.
  • The Baby Boomer generation (12.8%) is gradually declining, which will impact industries like retirement services, healthcare, and wealth distribution.
  • The Silent Generation is now just 2% of the population, highlighting the demographic shift away from the older generations.
  • Generation X, at 16.7%, remains a crucial but often overlooked group, balancing leadership roles in business and governance while supporting both older and younger generations.
  • The rise of Generation Alpha signals the dawn of an even more digital-native world, shaping the future of education, marketing, and work environments.
  • With Millennials, Gen Z, and Gen Alpha making up nearly 70% of the population, the global workforce, economy, and social dynamics will see rapid transformation in the coming years.
All ten countries with the lowest GDP per capita, each below $2,000, are located in Africa
  • All ten of the world’s lowest GDP per capita countries are in Africa, signalling deep economic inequality at the global level.
  • South Sudan has the lowest GDP per capita at just $763, reflecting its ongoing economic struggles and instability.
  • Burundi and the Central African Republic follow, both under $1,300.
  • Even the highest GDP per capita country in this bottom ten, Niger, at $1,978, remains below $2,000.
  • Low GDP per capita directly impacts standard of living, limiting access to quality healthcare, education, and infrastructure.
2.87% of the world, which amounts to 235 million people, reside in Nigeria as of January 2025
  • India is now the world’s most populous country, surpassing China with 17.78% of the global population.
  • China closely follows with 17.30%, showing that even though its population growth is slowing, it remains one of the most dominant globally.
  • The United States (4.23%) remains the most populous Western country, reinforcing its continued economic and political significance.
  • Nigeria leads Africa with 2.87% of the global population, showing that Africa's rising demographic weight will be a major factor in future economic and workforce trends.
  • Ethiopia (1.63%) is another African country on the rise, showing how Africa’s demographic shift is accelerating beyond just Nigeria.
  • Russia (1.76%) is the only European country on the list, underscoring Europe’s declining share in global population dynamics compared to the rapid growth of Asian and African nations.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved