With an impressive GDP of $199.72 billion, Nigeria is still the lowest-performing of Africa's top 10 economies
Key takeaways:
Despite being among the top 4 economies by size, Nigeria ranks low in GDP per capita, revealing a disconnect between total wealth and individual prosperity.
With the highest nominal GDP and highest per capita GDP, South Africa showcases balanced growth and better wealth distribution.
Countries like Ethiopia and Nigeria have huge populations, which dilutes their GDP and drags down per capita figures.
Though fifth in total GDP, Morocco performs better in GDP per capita, highlighting efficiency in wealth distribution.
This proves that a country’s economic “size” doesn’t always translate to individual opportunity, wealth, or standard of living.
Economies like Nigeria and Ethiopia must focus not just on increasing GDP but on ensuring that economic growth improves lives at the grassroots level.
Nigeria has a nominal GDP of $199.72 billion, the fourth highest among Africa’s top 10 economies in 2024. However, when it comes to GDP per capita, which measures how much of that wealth touches the average citizen, Nigeria ranks last (among the top 10 economies) with just $877.07. This is the paradox: a massive economy with minimal impact on individual livelihoods.
In comparison, South Africa not only tops the list in total GDP but also leads with a GDP per capita of over $6,300. This suggests that total economic size doesn’t reflect high standards of living if growth doesn’t reach the people.
At -16.02% CAGR, Nigeria's GDP per capita is shrinking fast, signalling deep economic strain on its population despite being a top 4 African economy.
Angola recorded 8.28% CAGR, showing that smaller economies can drive significant per capita progress when policies and investments align with citizen welfare.
With 8.23% CAGR, Algeria continues to transform national wealth into measurable benefits for its people.
Ethiopia’s 6.86% annual growth in GDP per capita highlights how consistent development efforts can raise living standards even in densely populated, developing nations.
A modest 2.52% CAGR for South Africa might not sound like much, but in a mature economy, this reflects resilience and relative stability in per capita income.
Egypt has a -1.41% CAGR, showing mild contraction, but far less severe than Nigeria’s economic shrinkage.
With a projected GDP of $80 million, Tuvalu ranks as the smallest economy globally, producing less in a year than many corporations earn in a day.
Even when put together, these small economies still fall far behind the economic output of many mid-sized countries or cities.
Nigeria’s $199.72 billion GDP overshadows the economies of these nations.
Many of the world’s smallest economies are Pacific and Caribbean island nations, which often depend on tourism, remittances, and international aid.
With limited industries and small populations, these economies are highly vulnerable to external shocks like climate change, supply chain disruptions, or shifts in global tourism trends.
With an impressive 20.1% CAGR, the Industry (including construction) has experienced the fastest expansion, more than doubling its contribution to GDP over the period.
Services remains the largest contributor to GDP, but its growth at 14.6% CAGR is being outpaced by Industry, signalling an evolving economic structure.
Agriculture’s 11.2% CAGR shows steady growth, but its share of GDP is shrinking compared to the industrial and service sectors.
The rapid growth in Industry reflects Tanzania’s shift towards manufacturing, construction, and infrastructure development.
Unlike decades ago, when agriculture dominated, today’s GDP contributions are more balanced between Services, Industry, and Agriculture, reducing reliance on any single sector.
