What happens if Nigeria's GDP grows at 3.68% yearly?

Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
Source:
World Bank
Period:
2022
HTML code to embed chart
Want a bespoke report?
Reach out

Click to copy HTML embed code

Tags
Related Insights
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.
Nigeria and South Africa have been among Africa’s top three economies since 1960
Over the past six decades, African economies have experienced both rapid growth and severe contractions. Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960. North African Libya, Algeria and Egypt have also been in the top three in the period. As of 2023, Egypt led the continent's GDP rankings.
Food, Beverage, and Tobacco sub-sector dominated Nigeria’s manufacturing sector in H1 2024
Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP. Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.
Finance and Insurance sectors lead with 30% growth in H1 2024
While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate. Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.
Nigeria: Sectors that experienced the most growth in H1 2024
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy. Total GDP grew by 3.08% during this period.
Nigeria's population and Gross Domestic Product growth rate since independence
Nigeria's population has increased from 45M at independence in 1960 to an estimated 206M as of 2020. Nigeria's GDP recorded its biggest year-on-year increase in 1981. Today, being her independence day, we present Nigeria's GDP and population growth rate since 1960.
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