Despite being Africa’s largest economy, Nigeria’s Gross Domestic Product (GDP) has risen at one of the slowest rates among Sub-Saharan African countries during the past six years ending 2020.
This is according to data obtained from the International Monetary Fund and analysed by Ripples Nigeria.
Our analysis of IMF data shows that Nigeria’s broad based growth averaged 0.69 percent between 2015 and 2020, ranking the country 31st on the list of 45 Sub-Saharan African countries.
This is a significant drop from the tenth place of Nigeria’s average GDP of 6.74% between 2009 and 2014.
In fact, further analysis of IMF data revealed that Nigeria’s GDP growth has failed to surpass the regions average from 2015-2019.
Breakdown of Nigeria’s GDP compared to region’s average
Nigeria’s economy grew at a 2.65 percent annual pace in 2015, less than the region’s average of 3.23 percent.
In 2016, the economy fell into recession and with a negative growth of -1.62 percent while the region’s GDP increased by 1.50 percent.
While the economy recovered to increase by 0.81 percent in 2017, the region’s GDP accelerated further by 3.08 percent.
There was a significant improvement in 2018 and 2019 as GDP touched 1.92 and 2.21 percents respectively but still slower to Sub-Saharan Africa average of 3.2 and 3.18 percent.
In 2020, Nigeria’s GDP declined by -1.80 which was slightly higher than -1.93 Sub-Saharan Africa average rates.
In comparison, Nigeria’s average six-year GDP growth rate from 2009 and 2014 was 6.7%, higher than Sub-Sahara average of 5.1% GDP growth rate.
Breakdown during this period shows that while Sub-Saharan Africa average stood at 3.81% Nigeria recorded a GDP of 8.35%.
In 2010, Nigeria recorded 11.26% beating again Sub-Saharan Africa average of 7.0%.
In 2011 and 2012, however, Nigeria’s GDP growth rate fell to 4.89% and 4.28% respectively and this was lower than the Sub-Saharan Africa average of 5.11% and 4.82%.
Nigeria’s economy picked up again in 2013 to record a GDP growth of 5.39% above the region’s GDP growth rate of 5.06%.
In 2014, Nigeria’s GDP growth accelerated further to 6.31% higher than region’s average of 5.15%.
Our analysis shows, Ethiopia recorded the fastest growing economy in the region.
Ethiopia’s broad-based growth from 2015-2020, averaged 8.5% followed by Guinea’s 7.0%.
Cote d’Ivoire followed with 6.4%, Rwanda; 6.1% and Tanzania, 5.7%.
Senegal, Niger, Burkina Faso, Kenya and Ghana all had relatively stronger average GDP growth during the period under review of 5.2%, 4.9%, 4.8%, 4.6% and 4.5% respectively.
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