Nigeria’s rising debt service cost has contraction in GDP that could happen this year, as per capita income could be around what it was in 1980 – four decades ago.”
The Gross Domestic Product per capita in Nigeria was last recorded at 2386.90 US dollars in 2019. The GDP per Capita in Nigeria is equivalent to 19 percent of the world’s average
Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.
The World Bank has raised concern that nation’s per capita income could plunge to 40 years low in 2020.The country debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.
The decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments could incapacitate the nation from necessary infrastructure development and growth.
Nigeria’s problem is that the debt service takes a big part of the government revenue.The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population.