Zainab Iwayemi
Africa-Press – Mauritius. Two key metrics used by economists to gauge an economy’s size and growth rate are Gross domestic product (GDP) and GDP per capita. GDP represents a country’s overall economic activity, whereas GDP per capita shows how prosperous a nation is.
In other words, a country’s annual output of goods and services is measured by its GDP, whereas its economic output per individual is determined by its GDP per capita.
GDP per capita estimates vary greatly between nations, and even within a continent, there can be a huge difference between one nation and another. This is reflected in the economic reality of Africa.
The continent is abundant in natural and human resources, and because it is a developing region, some nations are well-positioned to enjoy high GDP per capita while others are not quite there yet.
Africa’s GDP per capita The top three richest nations in Africa in terms of GDP per capita are typically Seychelles, Mauritius, and Libya according to recent data.
Due to a variety of factors, including natural resources, tourism, and foreign investment, these nations have had tremendous economic growth during the past few decades.
However, a number of Sub-Saharan African nations, notably Chad and Central African Republic, experience low GDP per capita as a result of a variety of issues, including political unrest, a lack of infrastructure, and restricted access to healthcare and education.
Legit. ng had earlier reported a similar report on the richest countries in Africa using data from the World Bank. the report shows that Nigeria is missing on the list of top 10.
Nigeria has also been experiencing a number of economic crises ranging from naira fall to inflation and hike in fuel prices. Legit. ng hint on Nigeria’s economic problems and their potential solution
The list below is provided by TradingEconomics, a data platform that gives its users information for 196 countries. This information includes historical data and forecasts for more than 20 million economic indicators, currency exchange rates, stock market indexes, government bond yields, and commodity prices.
FIRS says Nigeria’s tax-to-GDP ratio rises to 10.9 per cent According to the Federal Inland Revenue Service (FIRS), Nigeria’s tax-to-GDP ratio, which has drifted between five and six percent increased to 10.86% by the end of 2021, Legit.
ng had reported. The tax-to-GDP ratio measures a nation’s tax revenue relative to the size of its economy as measured by gross domestic product (GDP).
https://www.legit.ng/business-economy/economy/1551611-nigeria-missing-list-top-10-countries-highest-gdp-capita/
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