In terms of standards of living, the size of the country does not necessarily determine high living standards. While GDP per capita is the sum of gross value added by all resident producers in the economy plus any product taxes, another determinant of standard of living is Gross National Income (GNI) per capita, which is the dollar value of a country’s final income in a year divided by its population. That includes Nigerians’ investments outside of the country.
It is appropriate because Nigerians have investments in many other countries, including the services sector, such as banking and manufacturing, entertainment, etc.
However, it is disappointing that even with Nigerians’ manifold international investments the country is lowly ranked among African countries with high GNI, not among Africa’s top ten.
Below, we outline the top 10 African countries based on total income earned by a nation’s people and businesses, including economic aid and investment income, regardless of where they earned it.
Seychelles – $28,050: In 2021, GNI per capita for Seychelles was $28,050. GNI per capita of Seychelles increased from $12,810 in 2002 to $28,050 in 2021, growing at an average annual rate of 4.32 per cent.
Mauritius – 25,530: In 2021, GNI per capita for Mauritius was $25,530. GNI per capita of Mauritius increased from $9,720 in 2002 to $25,530 in 2021, growing at an average annual rate of 5.39 per cent.
Libya – $23,550: In 2021, GNI per capita for Libya was $23,550. Though Libya GNI per capita fluctuated substantially in recent years, it tended to decrease through 2002 – 2021, ending at $23,550 in 2021.
Botswana – $16,650: In 2021, GNI per capita for Botswana was $16,650. GNI per capita of Botswana increased from $7,800 in 2002 to $16,650 in 2021, growing at an average annual rate of 4.26 per cent.
Gabon – $14,560: In 2021, GNI per capita for Gabon was $14,560. Though Gabon GNI per capita fluctuated substantially in recent years, it tended to increase through 2002 – 2021, ending at $14,560 in 2021.
South Africa – $14,140: In 2021, GNI per capita for South Africa was $14,140. GNI per capita of South Africa increased from $8,950 in 2002 to $14,140 in 2021, growing at an average annual rate of 2.49 per cent.
Equatorial Guinea – $13,520: In 2021, GNI per capita for Equatorial Guinea was $13,520. Though Equatorial Guinea GNI per capita fluctuated substantially in recent years, it tended to increase from 2002 – 2021, ending at $13,520 in 2021.
Egypt – $12,910: In 2021, GNI per capita for Egypt was $12,910. GNI per capita of Egypt increased from $6,140 in 2002 to $12,910 in 2021, growing at an average annual rate of 4.07 per cent.
Algeria – $11,750: In 2021, GNI per capita for Algeria was $11,750. GNI per capita of Algeria increased from $8,920 in 2002 to $11,750 in 2021, growing at an average annual rate of 1.55 per cent.
Tunisia – $11,270: In 2021, GNI per capita for Tunisia was $11,270. GNI per capita of Tunisia increased from $6,510 in 2002 to $11,270 in 2021, growing at an average annual rate of 3.01 per cent.
Between Depleting Workforce And Declining Productivity