Nigeria’s Low GDP Per Capita Hinders Prosperity, Urgent Growth Needed — World Bank
Nigeria’s economic output per person remains critically low, placing the country 146th out of 191 globally, according to the World Bank’s May 2025 Nigeria Development Update. With a GDP per capita of just $6,207, Nigeria lags far behind global leaders like Singapore and regional peers like Botswana. The report emphasizes that while the Nigerian economy is showing signs of gradual recovery, this pace must accelerate significantly to meet citizens’ aspirations and reduce poverty.
If Nigeria’s current GDP, estimated at N277.5 trillion, were distributed equally among its 232.7 million citizens, each person would earn about N1.2 million annually or roughly N100,000 monthly. This would theoretically lift most Nigerians above the poverty line, improving livelihoods for the nearly 60% currently living in poverty. However, even under such equitable distribution, the overall income level remains insufficient to propel Nigerians toward global economic prosperity.
Despite this potential, Nigeria’s economic reality is more severe. Worsening inflation, high interest rates, and widespread insecurity have deepened the cost-of-living crisis. According to the National Bureau of Statistics’ 2022 poverty index, 63% of Nigerians—or about 133 million people—are considered multidimensionally poor, with rural populations bearing the brunt. The World Bank’s April 2025 brief also reports that 75.5% of rural residents live below the poverty line, signaling a growing disparity between urban and rural livelihoods.
The World Bank warns that the economic gap is widening, and urgent intervention is required. The poverty rate remains stubbornly high, with nearly one-third of Nigerians living below the international extreme poverty threshold of $2.15 per day as of the last official household survey conducted before COVID-19. The report underscores the need for targeted support, especially in rural communities where economic stagnation is acute.
While acknowledging ongoing government efforts—such as the social assistance programme aimed at supporting 15 million households—the World Bank criticizes the sluggish implementation, which has only reached 5.6 million homes so far. To create a meaningful impact, the report calls for a faster rollout of support mechanisms, sustained economic reforms, and the development of a strong social protection framework to foster inclusive and sustainable growth.
Source: The Guardian