The World Bank has reported that Nigeria’s gross national income (GNI) per capita rose to $5,250 per capita in 2021, representing a 5% increase over the $5,000 per capita recorded in 2020.
The Breton Woods multilateral finance institution disclosed in its latest Gross National Income per capita report.
The Gross National Income is the total income earned by a nation’s people and businesses, including economic aid and investment incomes, irrespective of where it is earned.
A news report by Nairametrics, one of Nigeria’s online media, indicated that the nation’s 2021 GNI per capita of $5,250 was the highest in the last six years.
Economic development experts noted that the increase in Nigeria’s GNI per capita was commendable, especially given the sundry fiscal and other challenges Africa’s largest economy had been contending with over the past three years.
The World Bank’s report also reflected that on an aggregated basis, Nigeria’s GNI was over USD$ 1 trillion, higher than all other African countries’ income, except Egypt with GNI of $1.2 trillion.
As with most economic indicators, a per capita basis is arguably a more appropriate measure to assess how aggregate results are being felt by everyone in that economy.
The report also indicated that on per capita basis, Nigeria ranked 20th globally, making the country among the top 20 in Africa.
