Nigeria – February 2022

Nigeria is sub-Saharan Africa’s largest economy. Nigeria performs broadly in line with its sub-Saharan counterparts on per capita income, business climate and creditworthiness. However, it lags its counterparts on growth. Nigeria’s substantial reliance on oil to drive growth, government revenue and exports leaves it vulnerable to international price fluctuations.

The above 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 rank and creditworthiness. Per capita income is in current US dollars. Annual GDP growth is the five-year average forecast between 2022 and 2026. Business climate is measured by the World Bank’s latest 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 countries in the region.