Nigeria’s slice of Africa’s economy since independence: From a peak of 31% to 7% in 2024

  • At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
  • Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
  • Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
  • By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
  • This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.

From independence in 1960, Nigeria consistently contributed about 10% of Africa’s GDP, a modest but notable share of the continent’s economic pie. For the first two decades, its share hovered around 10–16%, even as nominal GDP grew from $4.2 billion to $36.3 billion by 1976.

The oil boom of the late 1970s and early 1980s caused Nigeria’s slice of the African economy to expand dramatically, peaking at 31% in 1981, making it the dominant economy on the continent. Yet, as oil prices fluctuated and economic mismanagement took its toll, Nigeria’s share dropped sharply in the mid-1980s to around 13–17%, showing how volatile dependence on a single sector can be.

The 1990s and 2000s tell a story of recovery and growth. Nigeria’s share climbed again, reaching 27.7% in 1998 before a steep drop to 9.2% in 1999, reflecting political turmoil. By the 2010s, Nigeria maintained a more stable 16–22% share, with GDP hitting $574 billion in 2014, demonstrating sustained growth alongside Africa’s expanding economy. Yet, the latest data from 2024 shows Nigeria’s share at just 7.1%, despite a GDP of $187.8 billion, highlighting both domestic economic challenges and the rise of other African economies. The graph of Nigeria versus the rest of Africa tells a story of a nation whose relative influence has ebbed and flowed, reminding us that independence brought both opportunity and responsibility for sustained growth.

Source:

Intelpoint, World Bank

Period:

1960-2024
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  • Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
  • Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
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