Thought for the day

The Real Standard of Living in Nigeria
Plummets by 8% in Five Years

Economic potential is held back by poverty and poor governance


 
7 May 2024
 
Nigeria's GDP Per Capita Growth
Index: 1995=100
The Real Standard of Living in Nigeria - Plummets by 8% in Five Years
* GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.


Nigerian real GDP per capita has fallen by 8% since 2017 after rising strongly for nearly fifteen years from 2000. Real GDP per capita growth in Nigeria outperformed that of Sub-Saharan Africa and Frontier Markets for most of this period, but stagnant economic growth and a rising population has since squeezed living standards.

Nigeria has a large demographic potential to raise living standards with a low median age of 18.1 years, but economic improvements are held back by several negative factors, social and political. The country scores poorly on the World Economics Social Factors Index at 57.0 compared with South Africa at 63.1, Ghana at 65.5, and Kenya at 67.6. The proportion of the population below the poverty line at 53.5% is also far higher than these three countries at 18.9%, 13.3%, and 36.8% respectively. Nigeria’s potential is held back by high levels of corruption and political competency. Nigeria scores at a low 29.9 in the World Economics Governance Index less than other sub-Saharan economies such as Kenya at 38.2, South Africa at 59.4, and Ghana at 58.4.  See more data...



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