Nigeria Country profile

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January 2020

Nigeria overtook South Africa to become Sub-Saharan Africa’s largest economy in 2012. Measured against African counterparts, Nigeria performs in line on measures of per capita income, creditworthiness and business climate but lags on GDP growth. The economy’s reliance on oil to drive growth, government revenue and exports leaves it vulnerable to shifts in prices; for instance, the sharp slump in oil prices in 2014 and geo-political upheavals weighed heavily on the economy.

Figure
This chart is a cobweb diagram showing how a country measures up on four important dimensions of economic performance—per capita income, annual GDP growth, business climate and creditworthiness. Per capita income is in current US dollars between 2020 and 2024 as provided by the IMF. Annual GDP growth is the five-year average between 2020 and 2024. Business climate is measured by the World Bank’s Ease of Doing Business ranking of 190 countries. Creditworthiness attempts to measure a country's ability to honour its external debt obligations and is measured by its OECD country credit risk rating. The chart shows not only how a country performs on the four dimensions, but how it measures up against other comparable countries.