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.
The same countries—Burundi, Malawi, DR Congo, Mozambique, Niger, Liberia, Madagascar, Central African Republic, Chad, and Ethiopia—consistently occupy the bottom ranks over the years.
These countries remain far below the continent's average, often with GDP per person employed under $5,000 even in recent years.
Progress is marginal: while some, like Ethiopia and Mozambique, show slow growth, many fluctuate or even regress across periods.
Structural economic weaknesses, conflict, and low industrialisation seem to persist across the bottom group.