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
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Nigeria is Africa’s fastest country to attain $100bn GDP, reaching the mark in a record 34 years
  • Nigeria is the fastest to reach $100B — 34 years, achieving the milestone in 1994.
  • Ethiopia took the longest — 81 years, reaching the mark in 2022 after decades of gradual expansion.
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  • North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
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  • Ghana is among the slowest climbers (68 years), but its recent 2025 milestone shows the impact of sustained reforms and growth.
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Lagos, Kano, Abuja, and Ibadan are among Africa’s most populous cities with a combined population of 31.3 mn
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  • Cairo remains Africa’s largest city, with over 23 million people, keeping Egypt at the centre of the continent’s urban network.
  • Kinshasa’s position shows Central Africa’s rising urban influence.
  • There is a steep population gap after the top three cities.
3 African cities feature in the 20 most populous cities globally, with a total population of 59.9 million
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  • Only three African cities — Cairo, Kinshasa, and Lagos — appear in the top 20.
  • Africa’s three mega-cities together account for nearly 60 million people, showing concentrated urban growth.
  • Urban population growth is driven by migration toward economic and commercial hubs.
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  • Notable mid-tier performers, Ethiopia and DR Congo, reflected rapid industrial investment.
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