It is ranked as the 26th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity. $)1 131 Nigeria’s per capita income drops, now $2,748. World Bank national accounts data, and OECD National Accounts data files. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Per capita income in Nigeria as we all know has a lot to do with the day to day live of Nigerians as it determines the quality of services rendered with the health care sector having a lot to do with per capita income of Nigeria.It is important for policymakers to know the relationship between health care expenditure and income, knowing this relationship helps them to make wise … Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. GDP per capita PPP in Nigeria averaged 4042.17 USD from 1990 until 2019, reaching an all time high … Comparing the two per capita figures gives an approximate 2:1, alluding to the first part of Mr Salami's claim. If you continue to navigate this website beyond this page, cookies will be placed on your browser. It is calculated by dividing the country’s total income by its total population. The smallest budget per capita exists in Afghanistan. Nigeriahas the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large prop… According to 2013 data from Gallup, the median household income worldwide is $9,733. Definition: GNI per capita is gross national income divided by midyear population. GDP per capita, PPP (current international $), GDP per capita, PPP (constant 2017 international $), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. 2,149 (US dollars) in 2020 In 2020, GDP per capita for Nigeria was 2,149 US dollars. GDP is the sum of gross … Each of these states above is better than Nigeria which per capita is $2,700. Benue State; Benue is one of the Nigerian States which make up the country’s South East. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. Nigeria GDP (Gross Domestic Product) was INT$1,219.94billion for 2019 in PPP terms. In 2019, CO2 emissions per capita for Nigeria was 0.5 tons of CO2 per capita. Download historical data for 20 million indicators using your browser. The survey estimates that of the estimated 169 million people in Nigeria only 3.3 million people are classified as upper class (earning above USD 140,000 p.a.) GDP per capita in Nigeria averaged 1746.99 USD from 1960 until 2019, reaching an all time high of 2563.90 USD in 2014 and a record low of 1145.80 USD in 1968. Countries with the lowest median income include Libera, Burundi, Mali, Benin, Togo, Sierra Leone, and Madagascar. The value for GNI per capita (constant LCU) in Nigeria was 349,776 as of 2018. Dollars) Economy contracts at milder pace in Q3. As the graph below shows, over the past 37 years this indicator reached a maximum value of 376,850 in 2015 and a minimum value of 192,360 in 2000. Gross national income per capita ($)2 1 980 Adult literacy rate (%)1 72 Life expectancy at birth (years)1 49 Infant mortality rate (per 1,000 live birth)1 96 Under-5 mortality rate (per 1,000 live birth)1 186 Maternal mortality ratio (per 100,000 live birth)1 840 Per capita total expenditure on health (PPP int. This tremendous growth story has encouraged us to conduct a survey of the booming Nigerian middle class, and we hope you … The result is: 2,970 $. Publish your articles and forecasts in our website. The average income is calculated by gross national income and population. “Our reflections would be … Also, per capita income does not consider inflation rate — the fluctuation in prices over the years — in it’s calculation. Nigeria - GDP per capita GDP per capita (current US$) The latest value for GDP per capita (current US$) in Nigeria was $2,028.18 as of 2018. The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population. ). The total population is around four million people. This page is a list of the countries of the world by gross domestic product (at purchasing power parity) per capita, i.e., the purchasing power parity (PPP) value of all final goods and services produced within a country in a given year, divided by the average (or mid-year) population for the same year.. As of 2019, the estimated average GDP per capita (PPP) of all of the countries of … Find Out, Online tool for visualization and analysis. Nigeria Global Economic Prospects examines trends for the world economy and how they affect developing countries. Nigeria gni per capita for 2019 was $2,030, a 3.57% increase from 2018. This affects knowing the true extent of consumer purchasing power as a high inflation rate reduces the impact of an increase income, and vice versa. As per economic standards, Osun coming as the fourteenth richest state in Nigeria has a per capita level of $2, 076 together with an overall GDP of $7.28 billion. Fig. In this article, we’ll explore the median income around the world. Nigeria‟s per capita GDP at market exchange rates has already increased from $390 in 2001 to $1,541 in 2011 based on IMF figures, and will reach nearly $2,000 in 2016 if the pessimistic IMF forecasts are accurate, or $2,500 in our more benign scenario. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.” By … Department of Economics, Lead City University, Ibadan, Nigeria 2. Nigeria January Inflation Rate at Near 4-Year High, Nigeria Private Sector Growth at 6-Month Low, Nigeria Holds Key Interest Rate Steady at 11.5%, Nigeria Factory Activity Shrinks in December, Nigeria Trade Balance Swings to Gap in September, Nigeria Services Sector Shrinks for 8th Month, Fitch Revises Nigeria Credit Outlook to Negative, Mexico Current Account Surplus Second-Largest on Record, Iceland Jobless Rate Rises to 8.2% in January, Baltic Exchange Dry Index Falls for 2nd Day, US Stocks Lack Direction on Strong Data, High Yields, Canada Weekly Earnings Rise 6.4% YoY in December, US Durable Goods Orders Beat Forecast at 6-Month High, US Weekly Jobless Claims Fall to 3-Month Low. To learn more about cookies, click here. Income per capita is a measure of the amount of money earned per person in a certain area. Per capita is a measure of the amount of money earned per person in a nation or geographic region, and is calculated by dividing the country’s national income by its population Although the drop marked the second consecutive quarter of declining output, slipping the economy into a technical recession, it was less severe than the 6.1% … GDP per capita of Nigeria increased from 583 US dollars in 2001 to 2,149 US dollars in 2020 growing at an average annual rate of 8.11%. Average income around the world The worldwide highest income is earned in Monaco. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. 1960-2019 Data | 2020-2021 Forecast | Historical | Chart. Net income > BoP > Current US$ > Per capita: Net income refers to receipts and payments of employee compensation paid to nonresident workers and investment income (receipts and payments on direct investment, portfolio investment, other investments, and receipts on reserve assets). In 1983, Nigeria’s per capita income was double that of China; in 2020, China’s per capita income is five times that of Nigeria, he said. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Though Nigeria CO2 emissions per capita fluctuated substantially in recent years, it tended to decrease through 1970 - 2019 period ending at 0.5 tons of CO2 per capita in 2019. In 1980, according to World Bank data, Nigeria’ PCI was $847.40 and $2,229.9 in 2019. Nigeria’s per capita income, which stood at $2,229.9 in 2019, was around $847.40 in 1980, according to data from the World Bank. Figure (vi) showed the trend of Per Capita Income for Nigeria from 1980 to 2013 which has been very low over the period with a significant increase from 2006 to 2013. - World Economics The Trading Economics Application Programming Interface (API) provides direct access to our data. whilst more than 49 million people earn less than USD 1,400 per annum (p.a. Investment as a Determinant of Per-Capita Income Growth in Nigeria: An Empirical Analysis FAGBOHUN, Akinola 1* and ADEKOYA, Oluwaseun Mujidat 2 1. GDP per capita (current US$) - Nigeria from The World Bank: Data READ ALSO: Market Opens On Negative Note, Records N8bn Loss World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Nigeria - GDP per capita (U.S. This … It hit a record high … See also: GDP by Country # It`s one of the richest states in Nigeria with the total GDP of the region of $6.002 billion, per capita of $1.480. GDP tumbled 3.6% year-on-year in Q3 amid a still-weak energy sector and lingering effects of the Covid-19 pandemic. Nigeria gni … PPP takes into account the relative cost of living, rather than using only exchange rates, therefore providing a more accurate picture of the real differences in income. The GDP per Capita, in Nigeria, when adjusted by Purchasing Power Parity is equivalent to 29 percent of the world's average. This data is based on self-reported data that was gathered between 2006 and 2012. According to data from the World Bank, Nigeria’s per capita which stood at $2,229.9 in 2019 was around $847.40 in 1980, hitting a record high of $3,222.69 in 2014 but fell to $1,968.56 in 2017. The description is composed by our digital data assistant. Nigeria : 52 records since 1962 , the average of these recordings : 567 $ The highest data : 2014 is the highest year for the indicator : GNI per capita (Gross National Income - $). Per capita income (PCI) measures the average income earned per person in a given country in a specified year. This site uses cookies to optimize functionality and give you the best possible experience. In … Ekiti is the poorest by per capita in the South Jigawa is the poorest by per capita in the North But Ekiti is by far better than Jigawa As of 2019, the per capita income in Nigeria was $2,233.445 while the figure in China increased nearly five times over to $10,153.386. The lowest data : 1962 is the lowest year for the indicator : GNI per capita (Gross National Income - $). Over the past 58 years, the value for this indicator has fluctuated between $3,222.69 in 2014 and $92.96 in 1960. 15. Still, it`s not the most populated state in the country. Direct access to our calendar releases and historical data. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. Income derived from the use of intangible assets is recorded under business … The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. On February 15, 2010 9:30 pm In News by vanguard. Definition: GDP per capita is gross domestic product divided by midyear population. The Gross Domestic Product per capita in Nigeria was last recorded at 5135.50 US dollars in 2019, when adjusted by purchasing power parity (PPP). (vii): Trend of per capita The result is: 100 $. In our comparison over 79 countries, the USA comes 9th with an average income of 65,850 USD. It has two major hydroelectric power stations the Shiroro Dam and the Kainji Dam.
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