Nigeria’s economic struggles reflect urgent need for reform

Nigeria’s per capita income has plummeted from $3,223 in 2014 to $877 in 2024, according to the IMF’s October 2024 World Economic Outlook.

This alarming decline in Africa’s largest economy points to urgent structural challenges, with Nigeria failing to convert its demographic advantage into economic gains.

Tilewa Adebajo, CEO of CFC Advisory, highlighted Nigeria’s stagnant 3% growth rate and 40% unemployment, with 135 million Nigerians living in poverty.

This low productivity is partly due to insecurity in the north and southeast, which limits agricultural output.

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Data from the University of California ranks Nigeria’s productivity lower than South Africa, Egypt, Kenya, and Morocco.

Experts, including Dr. Ezekwesili, stress that without significant reforms in governance, infrastructure, and human capital, Nigeria’s growth will remain stunted, trapping millions in poverty.