World Bank says Nigerians got richer as Income Per Capita surges to $5,250 in 2021.

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. This is a 5% increase compared to $5,000 per capita in 2020.

Our Nairametrics audience will be familiar with 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.

There is actually a formula [GNI = GDP + Money flowing from overseas – Money flowing to foreign countries]

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.

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)

So how does Nigeria’s GNI compare to other African countries?

Aggregate basis:

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.

Per Capita basis

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.

So who are the top 10 African countries with the highest GNI per capita?

Seychelles, Mauritius, and Libya maintained the top spots as the richest African countries on a per capita basis in 2021. The below list outlines the countries in descending order.

#10: Tunisia – $11,270 (maintained same spot)

Tunisia saw its gross national income per capita increase by 7.3% from $10,500 recorded in 2020 to $11,270 in the review. Despite the increase, Tunisia retained the same position it held in the previous year at 10th. A cursory look at the historic trend shows that Tunisia’s GNI per capita is yet to return to pre-covid levels (2019: $11,540, 2018: $11,360).

#9: Algeria – $11,750 (maintained same spot)

Algeria ranked 9th on the list, same as the previous year with a GNI per capita of $11,750, which is 6% higher than the $11,090 recorded in the previous year. The North African country’s GNI per capita was able to surpass the levels it recorded before the hit of the pandemic, albeit marginally.

#8: Egypt – $12,910 (maintained same spot)

Egypt ranked eighth on the list of countries in Africa with the highest GNI per capita in 2021 with an average of $12,910. Although the GNI of Egypt increased by 5.7% from $12,210 recorded in the previous year, the country maintained its position from the previous year.

#7: Equatorial Guinea – $13,520 (One spot down)

The Republic of Equatorial Guinea recorded a gross national income per capita of $13,520 in 2021, a marginal increase compared to $13,400 recorded the year before. The country fell by one spot to 7th position from 6th, surpassed by South Africa.

#6: South Africa – $14,140 (One spot up)

South Africa, recorded a 7.6% growth in its GNI per capita to $14,140 in 2021 compared to $13,140 recorded in the previous year. South Africa went up by one spot from its position in the previous year to stand 6th on the ranking list.

#5: Gabon – $14,560 (maintained same spot)

Gabon recorded a gross national income per capita of $14,560 in the year 2021, a 1.8% increase compared to $14,300 recorded in the previous year. Gabon maintained the spot it occupied in the previous year at 5th. According to the World Bank, Gabon’s population stood at 2.27 million as of 2021.

#4: Botswana – $16,650 (maintained same spot)

Botswana ranked fourth on the list with a GNI per capita of $16,650 in 2021, a 9.5% increase compared to $15,210 recorded in the previous year. The Southern African country has a population of 2.39 million in 2021 from 2.35 million as of 2020.

#3: Libya – $23,550 (maintained same spot)

Libya recorded a GNI per individual of $23,550 in 2021 to stand in 3rd position on the list, the same as recorded in the previous year. On a year-on-year basis, the GNI per capita of Libya increased significantly by 35.6% from $17,370 recorded in 2020.

#2: Mauritius – 25,530 (maintained same spot)

Mauritius maintained the second position with a GNI per capita of $25,530 in 2021, increasing by 4.6% from $26,820 recorded in 2020. Although the country is a small Indian Ocean Island nation, its 1.23 million people ensured the country recorded a higher GNI per capita.

#1: Seychelles – 28,050 (maintained same spot)

Seychelles, a group of 115 islands in the Indian Ocean, off East Africa recorded a GNI per capita of $28,050 in 2021, representing a 4.6% increase compared to $26,820 recorded in the previous year. Seychelles maintained the first position on GNI per capita for 2021.