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The short answer
GDP per capita is total output divided by population. Using NBS rebased 2024 GDP of ₦372.8 trillion (about $243 billion) and the UN's 2023 population projection of 223.8 million, our illustrative calculation gives roughly ₦1.67 million or about $1,090 per person. In dollar rankings Nigeria has slipped mainly because the naira lost value, which shrinks the dollar figure even when naira output grows.
How the figure is built
GDP per capita is a ratio with two parts, and each is an estimate. The top line is gross domestic product, measured by the National Bureau of Statistics (NBS). The bottom line is population, which in Nigeria is a projection because there has been no census since 2006. Converting to dollars adds a third input: the exchange rate.
The latest inputs
- GDP: in July 2025 the NBS rebased GDP to a 2019 base year and put 2024 nominal GDP at ₦372.8 trillion, about $243 billion, up 34.4% on the previous estimate of ₦277.5 trillion (Africa Check).
- Population: the UN projected 223.8 million by mid-2023, as reported by ICIR; the 2006 census counted 140 million.
Illustrative calculation
This mixes a 2024 GDP figure with a 2023 population projection, so treat it as an approximation, not an official statistic:
- Naira per person
- ₦372.8 trillion ÷ 223.8 million ≈ ₦1.67 million
- Dollars per person
- $243 billion ÷ 223.8 million ≈ $1,090
A higher population estimate would lower both numbers, and a lower one would raise them. Check the World Bank and IMF databases for their official per capita series, which use their own population and exchange-rate assumptions.
Why the ranking moved
Dollar rankings convert each country's GDP at market exchange rates. When the naira weakens, the dollar value of the same naira output falls.
Worked example
Example, using illustrative exchange rates rather than any actual rate: income of ₦1.67 million per person is about $2,090 at ₦800 to the dollar, but about $1,110 at ₦1,500 to the dollar. Nothing changed in Nigeria's output; the per capita figure nearly halved in dollars.
Rebasing pulls the other way. Because rebasing captured activity the old 2010 base missed, it raised measured GDP by about a third, which lifts per capita income on paper. Even so, Nigeria remained fourth in Africa by total dollar GDP after rebasing, behind South Africa, Egypt and Algeria (see the largest-economy claim).
Which per capita figure to quote
You will see several versions of the number, and they rarely match. The World Bank and IMF each publish a series using their own population estimate and exchange-rate method, and some headlines still use pre-rebasing GDP. Before quoting a figure:
- check whether the GDP is from the rebased (2019 base year) series or the old one;
- check which population estimate was used;
- check whether the dollar figure uses an annual average exchange rate or a year-end rate;
- for comparisons with wages and prices at home, the naira figure is often more useful than the dollar one.
What per capita does not tell you
- It is an average: it says nothing about how income is shared.
- It is output, not household income: profits sent abroad and government revenue are included.
- It ignores living costs. Purchasing-power (PPP) measures adjust for what money buys locally, and usually rank Nigeria differently from market-rate figures.
Related: nominal vs real GDP, the population question and how Nigeria rebased GDP in 2025.
Questions people ask
What is Nigeria's GDP per capita?
Using rebased 2024 GDP of about $243 billion and a population of about 224 million, an illustrative calculation gives roughly $1,090 per person. Official series from the World Bank and IMF use their own assumptions.
Why did Nigeria's GDP per capita fall in dollars?
Mainly because the naira lost value. The same naira output converts into fewer dollars at a weaker exchange rate.
Did rebasing increase Nigeria's GDP per capita?
Yes, on paper. Rebasing raised 2024 GDP by about 34.4%, from ₦277.5 trillion to ₦372.8 trillion, which raises per capita figures by the same proportion.
Is GDP per capita the same as average income?
No. It measures output per person, including profits and government revenue, and says nothing about how income is distributed.
Sources
- Factsheet: Nigeria rebases its economy again (Africa Check, 15 Aug 2025) · accessed Oct 2026
- Nigeria's rebased GDP rises but Africa's richest title remains elusive (North Africa Post, 22 Jul 2025) · accessed Oct 2026
- How census postponement may stall accuracy in demographic data (ICIR, 25 May 2023) · accessed Oct 2026
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