World Bank puts Nigeria’s GDP at $477.4bn in 2022

A new report by the World Bank Group showed that Nigeria’s recorded an estimated Gross Domestic Product of $477.4 billion in 2022. The report showed that the country ranks 18th position on the continental ranking of countries by GDP per capita for 2022. The 2022 ranking showed that Nigeria notched one point up from the 19th position it ranked in the previous year when the GDP stood at $440.8 billion. According to the World Bank’s latest data, Nigeria recorded a 5.7 per cent increase in its GDP per capita, which rose to $2,184 in 2022, from the $2,066 reported in the preceding year. In terms of nominal GDP, the country’s economic performance demonstrated remarkable resilience, registering an 8.3% nominal year-over-year expansion in 2022, in spite of the whirlwinds across the global and regional economy. Broadly analyzed, the World Bank’s report showed that the African economy slowed to 3.8% in 2022, dipping the continent’s nominal GDP to an estimated $2.75 trillion. In addition, the report Indicated that the Sub-Saharan region recorded a slow growth rate of 3.6%, in contrast to 4.1% recorded in 2021, with a projected growth rate of 3.1% in 2023, due to what the bank attributed to sluggish global economic growth, high inflationary pressure, and tough financial conditions exacerbated by the high debt profiles of the countries in the continent. A further analysis of the report in terms of GDP per capita, which is a more accurate measure of productivity in an economy, the continent’s economy recorded an average of $2,705 in 2022, indicating a 6.6% increase compared to $2,538 recorded in the previous year. The report further covered the top 10 countries in Africa based on GDP per capita in 2022 with Seychelles topping the ranking table with an impressive GDP per capita standing at $15,875, followed by Mauritius, which recorded a 12.7% upswing in its GDP per capita, which climbed to $10,216; and Gabon which came third with 2.1% increase in its GDP per capita to $8,820 in 2022. Others are in order of ranking, Botswana which came fourth, boasting an average GDP per capita of $7,738; Equatorial Guinea with a GDP per capita of $7,053 in 2022, representing a 6% decline compared to $7,507 in 2021; the 6th position in ranking was South Africa at $6,776 GDP per capita; Libya at number 7th with $6,716 GDP per capita; Namibia ranked 8th with $4,911 GDP per capita; Egypt followed with $4,295; and Algeria came 10th with $4,274 GDP per capita in 2022.

High food inflation, threat to global food security– W/Bank

The World Bank has said that domestic food price inflation remains high around the world and it is threatening food security. In the Food Security Update report posted on its website, the Washington-based lender, stated that food price inflation data showed high inflation in most low-and middle-income countries, with inflation higher than 5 percent in 61.1 percent of low-income countries, 79.1 percent of lower-middle-income countries, and 70 percent of upper-middle-income countries, with many experiencing double-digit inflation. In addition, 78.9 percent of high-income countries are experiencing high food price inflation. The report stated that Africa, North America, Latin America, South Asia, Europe, and Central Asia, remain the most affected countries with food price inflation exceeding overall inflation in 79.8% of the 163 countries in real terms. “The agricultural and cereal price indices closed 4% and 12% lower, respectively, while export price indices closed at the same level as two weeks ago.   “The decline in the cereal price index was primarily driven by a sharp decline in maize prices which dropped by 21% compared to 2 weeks ago. Wheat prices also declined by 3% while rice prices increased by 1% over the same period. “On a year-on-year basis, maize and wheat prices are both about 19% lower while rice prices are 16% higher. Maize prices are 4% lower, whole wheat and rice prices are 1% and 3% higher, respectively, than in January 2021,” the report said.   Meanwhile, geopolitical tensions threaten the Black Sea Grain Initiative, including the collapse of the Nova Kakhovka dam and damage to the ammonia pipeline between Russia and Ukraine. The flooding and disruption of irrigation, along with the demand to reopen the pipeline, are increasing tensions and could lead to the termination of the agreement, ultimately reducing Black Sea exports and undermining Ukraine’s production incentives, which continues to aggravate the situation, the Bank noted.