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
Mauritius has the strongest productive capacity in Africa — ahead of Seychelles and South Africa
  • Mauritius leads Africa on the Productive Capacities Index with a score of 55.02, ranking 56th globally.
  • Seychelles, South Africa, and Cape Verde complete Africa’s top four, but none enters the global top 50.
  • Nigeria ranks much lower at 167th globally, with a score of 30.68, despite being one of Africa’s largest economies.
  • The ranking shows that economic size does not always translate into stronger productive foundations like human capital, ICT, energy, transport, and institutions.
Obasanjo led Nigeria's biggest GDP per capita rise at 268% in 8 years
  • Nigeria’s GDP per capita rose strongly from 1999 to 2014, then reversed.
  • The 2014 peak remains the defining turning point.
  • Obasanjo’s years show the fastest sustained climb from a very low base.
  • Yar’Adua’s short tenure still maintained upward momentum.
  • Jonathan’s period delivered the peak level, not the fastest growth rate.
  • Buhari’s tenure marks the longest clear decline in GDP per capita.
  • Tinubu’s period begins with another sharp fall.
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.
  • Resource-driven economies reached the threshold faster, including Angola (36 years) and Algeria (43 years).
  • North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
  • South Africa reached $100B as early as 1988, reflecting its long-standing industrial and financial depth.
  • Ghana is among the slowest climbers (68 years), but its recent 2025 milestone shows the impact of sustained reforms and growth.
  • Speed varies widely (34 to 81 years), showing that growth paths across Africa are shaped by very different economic realities.
Lagos, Kano, Abuja, and Ibadan are among Africa’s most populous cities with a combined population of 31.3 mn
  • Lagos is Africa’s third-largest city and ranks 14th globally.
  • 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
  • Together, the top three cities — Tokyo, Delhi, and Shanghai — have more than 100 million residents.
  • Asia dominates the ranking, with most of the top ten cities located on the continent.
  • 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.
Egypt and Nigeria led Africa’s industrial output in 2024, with $145.5bn and $89bn, respectively
  • Egypt led with an estimated $145.5 billion, accounting for about 25% of Africa's total industrial output among its top 15 economies.
  • Nigeria followed with $89 billion, while South Africa, Algeria, and Morocco made up the rest of the top five.
  • The top five economies accounted for more than 70% of Africa’s total industrial value added.
  • Notable mid-tier performers, Ethiopia and DR Congo, reflected rapid industrial investment.
  • Using constant 2015 USD reveals real production strength, not nominal currency shifts.
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