Nigeria has been ranked as the 12th poorest country in the world by gross domestic product (GDP) per capita, according to a new report by the International Monetary Fund (IMF) published by Visual Capitalist.
The report, released Tuesday, placed Nigeria’s GDP per capita at $807, positioning Africa’s most populous nation among the bottom 15 out of 50 countries surveyed globally.
This ranking starkly contrasts with Nigeria’s reputation as one of Africa’s largest economies by overall GDP.
South Sudan was listed as the poorest country worldwide, with a GDP per capita of $251, followed by Yemen, Burundi, Central African Republic, and Malawi.
According to the report, the persistent economic hardship in Nigeria reflects deep-rooted structural challenges, including weak institutions, limited industrial output, and widespread poverty despite vast natural and human resources.
“Chronic conflict, fragile institutions, and limited industrial bases continue to suppress income growth in many of them, even as the global economy rebounds after the pandemic,” the publication noted.
The IMF data also highlighted Africa’s underrepresentation in global wealth, noting that while the continent accounts for 19% of the world’s population, it contributes just 3% to the global economy valued at $113 trillion.
The report listed other African countries like Madagascar, Sudan, Democratic Republic of Congo, Mozambique, and Niger among the world’s poorest nations.
Interestingly, India, which is currently the fourth-largest economy by total GDP, also made the list — ranking 50th poorest with a per capita income of $2,878, highlighting the disparity between total economic size and average individual income.
Nigeria’s low per capita income ranking is likely to fuel further debates around economic inequality, governance, and the effectiveness of recent economic reforms.
Despite efforts by successive administrations to diversify the economy and lift millions out of poverty, experts argue that without urgent structural transformation, inclusive growth will remain elusive for the majority of Nigerians.
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