Nigerians Richer as Income Per Capita Rises 5% to $5,250 – World Bank

The World Bank’s latest Gross National Income per capita report shows that Nigeria’s gross national income per capita has surged to $5,250 per capita in 2021. This is a 5% increase compared to $5,000 per capita in 2020.

The Gross National Income is the total income earned by a nation’s people and businesses, including economic aid and investment income, regardless of where it was earned.

In other words, GNI includes income earned from overseas investments by residents of a country (i.e. folks residing in Nigeria but earning overseas income).

This increase in Nigeria’s GNI per Capita is remarkable especially as it occurred despite the plethora of headwinds facing Africa’s largest economy and its residents.

Furthermore, Nigeria’s GNI per capita of $5,250 is at the highest in the last six years with  South Africa as a close third with $0.99 trillion aggregate

On an aggregated basis Nigeria’s Gross National Income is over USD$ 1 trillion and simply dwarfs all other African countries except Egypt with GNI of $1.2 trillion.

As with most economic indicators, a per capita basis is arguably a more appropriate measure to assess how aggregate results are being felt by everyone in that economy.

On a Per Capita basis, Nigeria ranks 20th. Thus, remains part of the top 20 in Africa, a position which has remained unchanged from the prior year.

Source: Nairametrics