Nigeria has classified the twelfth poorest country globally by PDP per capita – Report of the IMF

Nigeria has been classified as the twelfth poorest country in the world by gross domestic product (GDP) per capita, according to a new report of the Internazional Monetary Fund (IMF) published by Visual Capitalist.

The report, published on Tuesday, placed the Pir per capita of Nigeria at $ 807, positioning the most populous nation of Africa among the 15 countries out of 50 interviewees globally.

This ranking contrasts with Nigeria’s reputation as one of the greatest economies in Africa with a total GDP.

South Sudan has been listed as the poorest country all over the world, with a per capita GDP of $ 251, followed by Yemen, Burundi, Central African Republic and Malawi.

According to the report, the persistent economic difficulties in Nigeria reflect deeply rooted structural challenges, including weak institutions, limited industrial production and widespread poverty despite the vast natural and human resources.

“Chronic conflict, fragile institutions and limited industrial bases continue to suppress income growth in many of them, even if the global economy bounces after the pandemic”, observed the publication.

The IMF data also highlighted the sub -representation of Africa in global wealth, observing that while the continent represents 19% of the world population, it only contributes to 3% to the global economy of $ 113 trillion.

The report listed other African countries such as Madagascar, Sudan, Democratic Republic of the Congo, Mozambique and Niger among the poorest nations in the world.

It is interesting to note that India, which is currently the fourth largest economy of the total GDP, has also made the list, ranking at the poorest 50 ° with a per capita income of $ 2,878, highlighting the disparity between total economic dimensions and average individual income.

It is likely that the ranking of the per capita income of Nigeria will flood further debates on economic inequality, governance and the effectiveness of recent economic reforms.

Despite the efforts of subsequent administrations to diversify the economy and raise millions of people, experts claim that without an urgent structural transformation, inclusive growth will remain elusive for the majority of the Nigerians.

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