Nigeria's GDP

With its gigantic population, Nigeria stands out as Africa's leading economic power. Its gross domestic product (GDP) attracts the attention of economists and investors worldwide.

Nigeria's socioeconomic reality

With over 230 million inhabitants, Nigeria is not only the most populous country in Africa, but also one of the youngest, giving it a major economic advantage. Regionally, Nigeria largely dominates the ECOWAS (Economic Community of West African States) and plays a key role in the region's economic and political decisions.

The Nigerian economy is primarily based on oil and gas, which account for approximately 90% of exports and nearly 60% of government revenue. Nigeria is the leading oil producer in Africa, with daily production ranging between 1.3 and 1.5 million barrels in 2023. This explains its high GDP. Nigeria also has other developing sectors such as agriculture, which contributes nearly 23% of GDP, as well as services (banking, telecoms, technology), which are gaining in importance. In addition to oil, the country possesses untapped deposits of natural gas, gold, and lithium, which could support sustainable industrialization, also counting on the rise of African technology startups, which could play a key role.

Nigeria's Economic Data

Well ahead of Egypt and South Africa, Nigeria is Africa's largest economy with a GDP of €480 billion (2023).

GDP per capita, however, remains low, at around €2,080 per year, or around €173 per month, compared to countries like South Africa, which reaches around €6,000 per capita. However, there are considerable gaps between the wealthiest households in cities like Lagos, the country's largest city with a population of over 15.3 million, or Abuja, the capital, and the poorer rural areas. The informal sector accounts for nearly 60% of the economy, and many Nigerians earn their living from small businesses or precarious, often poorly paid, jobs.

Nigeria's Economic Challenges

Behind this apparent power, the Nigerian economy boasts a GDP that places it at the top of the continent, but the majority of its citizens do not feel the benefits on a daily basis. Although Nigeria is the leading oil producer, it is vulnerable because this sector benefits the population little due to poorly distributed oil revenues. Furthermore, its heavy dependence on hydrocarbons exposes the country to fluctuations in the price of a barrel of oil. Despite its economic performance, Nigeria faces major obstacles such as endemic corruption that diverts part of the country's wealth, insufficient infrastructure to support economic development with unstable electricity and poorly maintained roads, and persistent insecurity that causes frequent sabotage of oil pipelines.

Although its economy is fragile, Nigeria's GDP demonstrates its potential strength. The country needs balance to maintain this dynamism and diversify its economy. Its development remains essential for the wealth created to reach the vast majority.