Despite a positive forecast of 3.2 per cent for Nigeria’s economic growth, new data from the International Monetary Fund (IMF) revealed yesterday, that the country’s per capita income fell to $835.49 in 2025.
This decline represents a 4.73 per cent decrease from $877 in 2024, indicating a continued erosion of household incomes amid a cost-of-living crisis.
It suggests that economic growth has not kept pace with population expansion, further exacerbating poverty and income inequality.
A reduction in Nigeria’s per capita income means that, on average, Nigerians are earning less or that economic growth has not kept pace with population growth.
Per capita income is a key economic indicator that reflects the average income per person in a country and is often used to gauge living standards.
The IMF’s projection for Nigeria’s economic growth in 2025 is slightly more optimistic than the global average, which is expected to remain unchanged at 3.2 per cent.
However, the country’s economic challenges persist, with inflation projected to steady at 25 per cent in 2025.
