Nigeria produces about 2.7% of the world's oil supply. The largely subsistence agricultural sector has not kept up with the country'srapid population growth. It was once a large net exporter of food, but currently imports some of its food products. GDPgrowth in Nigeria doesn’t always translate to better living standards due to inflation, high-interest rates, and sector-specific challenges. Recent macroeconomic and financial developments economic growth in Nigeria slowed from 3.3% in 2022 to 2.9% in 2023 due to high inflation and sluggish growth in the global economy, which declined from 3.5% in 2022 to 3.2% in 2023. Meanwhile, despite the GDPgrowth, economists query why the two consecutive rises in economic activities have not impacted the living conditions of Nigerians. But the latest data confirms Nigeria’s economy fell short of the EGRP’s projected GDPgrowth rate of 4.5% in 2019. In fact, most EGRP projections have been off the mark. For instance, Nigeria’s unemployment rate is nearly double the EGRP’s projected 12% target. NigeriaGDP 1960-2023 | MacroTrends. This video shows the Top 20 countries with highest GDP PPP from 1800 to 2040 based on 2011 international dollars.
