Nigerians got richer as Income Per Capita surges 5% to $5,250 in 2021 — World Bank report

The World Bank’s latest Gross National Income per capita report shows that Nigeria’s gross national income per capita has surged to $5,250 per capita in 2021.

Nairametrics reports that this is a 5% increase compared to $5,000 per capita in 2020.

The definition of Gross National Income as the total income earned by a nation’s people and businesses, including economic aid and investment income, regardless of where it was earned.

In other words, GNI includes income earned from overseas investments by residents of a country (i.e. folks residing in Nigeria but earning overseas income). This increase in Nigeria’s GNI per Capita is remarkable especially as it occurred despite the plethora of headwinds facing Africa’s largest economy and its residents.

Furthermore, Nigeria’s GNI per capita of $5,250 is at the highest in the last six years. On an aggregated basis Nigeria’s Gross National Income is over USD$ 1 trillion and simply dwarfs all other African countries except Egypt with GNI of $1.2 trillion.South Africa is a close third with $0.99 trillion aggregate

Nairametrics added that 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. On a Per Capita basis, Nigeria ranks 20th. Thus, remains part of the top 20 in Africa, a position which is unchanged from the prior year.