Nigeria’s Gross Domestic Product (GDP) per capita has declined to $835, according to the latest report from the International Monetary Fund (IMF). The drop highlights growing economic challenges in Africa’s largest economy, with inflation, currency depreciation, and sluggish growth taking a toll on living standards.
The decline in GDP per capita—a key measure of economic output per person—suggests that despite Nigeria’s overall economic size, individual wealth and purchasing power are shrinking. Experts attribute this to factors such as the weakening naira, rising cost of living, and slow economic diversification beyond oil.
High inflation, currently affecting food prices and essential goods, has further eroded household incomes. The situation has been worsened by forex shortages and declining investor confidence, making it harder for businesses to expand and create jobs.
Economists warn that if Nigeria fails to implement bold economic reforms, the downward trend could continue, pushing more people into poverty. The IMF has advised the government to focus on improving infrastructure, stabilizing the exchange rate, and supporting key sectors like agriculture and manufacturing to drive sustainable growth.
With Nigeria’s population growing rapidly, policymakers face increasing pressure to implement measures that can boost productivity, attract investment, and improve the overall standard of living.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate