Nigeria GDP Per Capita 2021: What Will the Figures Reveal?
Nigeria is one of the most populous countries in Africa, and as such has a very large economy. The country's GDP (gross domestic product) per capita was $2,868 in 2016 which makes it the largest economy on the African continent. Nigeria is now working to increase their GDP per capita for 2021 with plans to reinvest some of their oil revenue into infrastructure development.
Nigeria's population is expected to reach 400 million by 2031, so this growth will be vital if they want to continue being an economic powerhouse within Africa. If you are looking for more information about what other countries are doing to make sure that they have a strong economy by 2021 keep reading! We've got all the details below.
Section 1: What is the GDP per capita in Nigeria right now?
GDP per capita (PPP) is the monetary value of a country's total economic output. It is the main indicator of how rich a country's people are. In simple terms, it measures the amount of money a person can make from their job. The GDP per capita figure does not take into account differences in quality of life between countries. For instance, a country that is wealthy is usually full of millionaires and billionaires whereas a country that is poor is likely to be full of poor people.
The GDP per capita in the UK in 2016 was around $39,903 which means the average person on the island makes around £23,000 a year. The same can be said for the US as their GDP per capita is around $54,297 which is an annual income of $42,509.
What are Nigeria's plans to increase their GDP per capita in 2021?
The country has begun working towards increasing their GDP per capita. They've taken several steps to this goal, including the release of an annual "Strategic Plan for Economic Transformation", which sets out their economic targets and objectives. As part of this plan, Nigeria is looking to increase their GDP per capita by a minimum of 10% from its current level.
This could make a big difference to how Nigeria performs economically in the future. It is set to cost $115 billion to improve the nation's infrastructure by 2021, so it's vital that the money is invested wisely. Nigeria is working with the World Bank to get new proposals for spending on roads, power and other infrastructure, and these will be given the green light once they receive international funding.
How will Nigeria's economy be affected by population growth over the next ten years?
The importance of Nigeria's population is two-fold. The first is that it is one of the fastest growing countries in the world, with the country expected to add 2.1 billion people to their population over the next two decades. This will increase the size of Nigeria by 80%, pushing it past the United States, who currently has a population of 325 million people.
The second important factor is that it will ensure that the country is in a position to sustain itself, as the sheer size of the population will ensure that people are able to work to sustain the economy.
In 2021, Nigeria is expecting that they will receive 9.2% of their GDP from natural resources. This percentage has grown from 7.5% in 2016, which will have a large impact on the development of infrastructure within the country.
What other countries are doing in order to improve their economic status for 2021?
Lebanon is a country with a diverse population which includes 1.5 million Syrians. The economy is expected to grow to 7.5% with a GDP per capita of $30,172. The UK, the United States, and the Netherlands are expected to all be above $26,000.
Spain's economy is expected to grow to 5% with a GDP per capita of $27,720. The Italian economy will grow to 2.6% with a GDP per capita of $26,446. The Netherlands are also expected to see 2.6% growth. France is expected to have 1.5% growth with a GDP per capita of $33,685.
Nigeria is working to expand their economic status
The country hopes to maintain a GDP growth of 1.5% with a GDP per capita of $3,172. By doing this, they are expected to meet their commitments of $5.1 billion for infrastructure projects.
There are no specific GDP per capita figures for Nigeria, but if they can achieve the growth seen in 2016 then we can expect them to be the third largest economy by 2021. Obviously, however, if they fail to achieve this then they won't reach that threshold.
What are you doing to make sure that you have a healthy GDP per capita by 2021?