Poverty rate: 87 million Nigerians raise rate to 38.9% in 2023

Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.

Source:

Worldbank.org

Period:

1985-2023
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Gabon has topped worker productivity in Africa for 21 of 33 years; Nigeria stays outside top 20
  • Gabon led Africa in GDP per person employed for 21 years, the most of any country, thanks largely to its oil wealth and smaller labour force.
  • Equatorial Guinea was a close second, topping the list for 12 straight years, particularly during its oil boom.
  • Libya never came first but held second place in 18 different years, showing long-term stability in productivity.
  • Algeria and Egypt frequently ranked in the top three but never led.
  • Nigeria, despite being Africa’s most populous country and once its largest economy, never made it into the top 3 and has consistently ranked around 23rd to 26th.
  • The leading countries tend to share a pattern: resource-driven economies with relatively smaller workforces, while lower-ranked ones often struggle.
Nigeria holds the third highest interest rate in Africa at 27.5%, as Zimbabwe leads with 35%
  • Zimbabwe has the highest benchmark interest rate in Africa at 35%, exceeding Ghana, the second highest, by 7% points.
  • Nigeria holds the third highest interest rate on the continent at 27.5%, just 0.5% points behind Ghana, signalling aggressive policy intervention.
  • Zimbabwe, Ghana, Nigeria, Malawi, and Egypt have interest rates above 25%, showing a regional pattern of tight monetary conditions.
  • There is a significant drop of over 5% points between Sierra Leone at 24.75% and Angola at 19.5%, marking a clear shift to lower-rate economies below the top tier.
Nigeria ranks 7th among Europe’s crude oil suppliers, peaking at 0.54 million barrels per day
  • The USA leads the suppliers with 1.40 million barrels/day, making it the largest single contributor to the EU’s crude oil imports in 2024.
  • Norway and Kazakhstan follow closely, delivering 1.10M and 1.05M b/d respectively, together accounting for over 24% of the EU’s total imports.
  • Nigeria ranks 7th, contributing 0.54M b/d, which is 5.9% of total EU crude oil imports, ahead of Brazil and the UK.
  • The top 6 suppliers (USA to Iraq) delivered 5.45 million b/d in total, representing nearly 60% of the EU’s crude oil demand.
  • The rest of the world, not listed among the top 10, contributed 2.24M b/d, underscoring the EU’s diversified sourcing strategy.
Netherlands, US, and Germany dominated cocoa imports from 1961 to 2023
  • Netherlands imported the most cocoa beans — 25.48 million tonnes (1961–2023)
  • US (21.1M) and Germany (16.8M) followed in total volume
  • These three countries dominated the top 5 nearly every year
  • Malaysia, UK, France, and Belgium also ranked high over time
  • USSR stayed in the top 10 despite dissolving in 1991
  • Global cocoa imports grew from 1M tonnes in 1961 to nearly 4M in 2023
Between 1961 and 2022, African wine production decreased by 43%, with recent years’ production levels falling below the volume in the 1960s and 1970s
Key Takeaways:
  • African wine production peaked in 1965 at 2.39 million tonnes, the highest level recorded during the entire period.
  • The most dramatic single-year drop occurred between 1965 and 1966, when production fell by 40%, from 2.39 to 1.44 million tonnes.
  • A gradual recovery began in the early 2000s, with production consistently exceeding 1 million tonnes from 2003 onward.
  • The most recent peak occurred in 2021, with production reaching 1.23 million tonnes, a 48.5% decline from the 1965 high.
  • Despite this partial recovery, current production levels remain well below the highs of the 1960s.
  • As of 2022, African wine production stood at 1.16 million tonnes, representing a 43% decrease from 1961.
With a 51.24-point increase, Morocco showed the most significant AIDI growth among the top African economies
  • Morocco's AIDI score rose from 19.08 in 2003 to 70.32 in 2024, indicating substantial infrastructure progress over two decades.
  • Over the past 21 years, Egypt's infrastructure development, as measured by AIDI, has more than tripled.
  • Nigeria ranks 24th in infrastructure (AIDI) despite having the 4th largest GDP in Africa.
  • In 2024, Nigeria’s AIDI score was 25.70, significantly below peers like Morocco (91.43) and Egypt (82.54).
  • Algeria, with a GDP of $260.13B, achieved a strong AIDI score of 70.32, ranking 8th.
  • The AIDI gap highlights that economic size doesn’t guarantee infrastructure strength, underlining the need for intentional investment.
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