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“However, despite this drop, Nigeria’s real GDP recorded a 5.01% growth in the second quarter of 2021, largely driven by growth in the trade, ICT and electricity sector”
*Minister of Trade and Investment, Mr Okechukwu Enelamah
PEGASUS REPORTERS, LAGOS | SEPTEMBER 3, 2021
Despite Nigeria’s rating as the largest economy in Africa, with an aggregate GDP of $468.6 billion a bullish population of over 200 million people, her current rating as par gross domestic product per capita fell to a lowly 17th position behind 16 other sub-Saharan African countries.
Nigeria’s current GDP per capita of $2,097.09 in 2020 represents a 6% decline compared to the $2,229.86 recorded in the previous year. experts say this drop paints a less than stellar picture as the population size is enormous compared to other countries in the region.
It is however agreed that the nation’s population of around 206.1 million, a whooping 18% of the entire sub-Saharan African affects the per capita output.
However, despite this drop, Nigeria’s real GDP recorded a 5.01% growth in the second quarter of 2021, largely driven by growth in the trade, ICT and electricity sector. It was also spurred by a favourable base period. This is a sharp contrast with what was obtained in the corresponding period of 2020 where the country’s real GDP declined by 6.1% year-on-year.
Available data for the current year according to the World Bank on the Sub-Saharan African economy, puts the tiny island of Seychelles leads other countries with a GDP per capita of $11,425.09. The country’s GDP stood at $1.24 billion in the review period.
Second on the list is Mauritius, with an estimated GDP per capita of $8,622.68. This is 22.3% lower than $11,097.59 recorded in 2019.
Its aggregate GDP in 2021 stood at $11.74 billion, representing a 14.87% decline compared to the $13.79 billion recorded in 2019.
Third in Africa is Equatorial Guinea which recorded a GDP per capital of $7,143.24 in 2021, representing the third-highest on the African continent in the review period.
Gabon, a country on the west coast of Africa boasts of being the fourth highest economy in Africa based on GDP per individual with $7,005.88 and an estimated population of 2.23 million people based on data obtained from the World Bank.
Botswana, a country in the centre of Southern Africa with a population of 2.35 million people, recorded the fifth highest GDP per Capita in Africa at $6,710.99.
The country’s GDP in 2020 stood at $17.18 billion, representing a 7.89% decline compared to $18.65 billion recorded in the previous year.
South Africa is the second-largest economy in Africa, second only to Nigeria with an estimated population of over 59.3 million people. It boasts of a GDP per capita of $5,090.72 to stand in the sixth position. The country’s GDP per capita declined by 15.8% from $6,001.4 recorded in the preceding year.
This implies that an average individual in South Africa recorded an estimated output of $5,090.72 in 2020. Meanwhile, the country’s GDP grew by 1.1% in real terms in the first quarter of 2021.
There are also Namibia – $4,211.05; war-torn Libya – $3,699.23; Egypt – $3,547.87 and Eswatini – $3,415.46.
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