Nigeria’s Per Capita Income Drops 4.73% to $835 in 2025 – IMF

Written on 07/02/2025
The Sun News

Despite a projected 3.2% economic growth for Nigeria, new IMF data reveals that Nigeria’s per capita income has dropped to $835.49 in 2025, marking a 4.73% decline from $877 in 2024.

The decline signals a continued erosion of household incomes, exacerbating the cost-of-living crisis, poverty, and income inequality.

Experts warn that economic growth is failing to keep pace with population expansion, resulting in lower average earnings per Nigerian.

Per capita income, a key indicator of living standards, reflects the average income per person and is crucial in assessing economic well-being in the country.

 


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 percent. However, the country’s economic challenges persist, with inflation projected to steady at 25 percent in 2025.

The per capita income stood at approximately $3,223 in 2014, but recent estimates by the IMF indicate it has plunged to $835 this year.

Using the average exchange rate of N1,500 to a US dollar, an average Nigerian earns N1.25 million in a year, a situation that has just improved due to the recent rally of the naira.

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