Nigeria Suffers Economic Downturn as GDP Per Capita Falls 72% – IMF

Nigeria is facing a severe economic downturn as its GDP per capita has declined by 72%, according to the International Monetary Fund (IMF). The report highlights worsening economic conditions driven by inflation, currency depreciation, and slow economic growth, which have significantly reduced the purchasing power of citizens.

The IMF attributes the decline to structural weaknesses, including low productivity, high unemployment, and inadequate investment in critical sectors. The fall in GDP per capita indicates that economic growth has not kept pace with population expansion, leading to a drop in living standards for many Nigerians.

Experts warn that without urgent policy interventions, the economic situation could deteriorate further. They recommend measures such as strengthening local industries, improving infrastructure, and stabilizing the exchange rate to revive economic growth. The government is also urged to implement policies that attract foreign investment and support small businesses to boost productivity.

As Nigeria grapples with economic challenges, the IMF advises the government to focus on long-term strategies that promote sustainable development, ensuring that economic growth translates into improved living conditions for the population.