Nigeria has been ranked the third poorest country in West Africa by GDP per capita, sparking renewed criticism of its governance and economic policies amid growing calls for urgent reforms.

Nigeria has been ranked the third poorest country in West Africa by gross domestic product (GDP) per capita, according to a new report released by the International Monetary Fund (IMF), placing the figure at a mere $807 per citizen.

The findings mark a sobering moment for a nation that was once celebrated as Africa’s largest economy by total GDP. The dramatic economic downturn has prompted widespread criticism from economists, civil society groups, and international observers, who point to persistent governance failures, entrenched corruption, and misguided economic policies as key drivers behind the worsening living standards of millions of Nigerians.

While Nigeria remains rich in natural resources and boasts one of the continent's largest populations, analysts say the country’s wealth is increasingly concentrated in the hands of a small, politically connected elite. The broader population, meanwhile, continues to grapple with soaring unemployment, rampant inflation, and deteriorating infrastructure.

“GDP per capita is a critical indicator of economic wellbeing. That Nigeria has fallen to such a low rank in the sub-region is both alarming and indicative of deeper structural challenges,” said Dr. Ifeoma Anozie, a Lagos-based economist. “Without urgent reforms, the gulf between the rich and poor will only widen.”

Critics argue that successive administrations have failed to diversify the economy, which remains heavily reliant on oil exports. In addition, weak institutions, policy inconsistencies, and an overdependence on imports have further strained national development. These factors have fuelled growing disillusionment among citizens, particularly youth, who face limited job opportunities despite high levels of education.

The IMF report also underscores a wider trend across the African continent, which is home to 19% of the world’s population but generates just 3% of global economic output. This disparity has reignited calls for African governments to adopt inclusive growth strategies that prioritise human development, invest in infrastructure, and tackle inequality head-on.

Development experts stress that Nigeria, as a regional powerhouse, has a critical role to play in reversing the trend — but only if it embraces sweeping reforms.

“There is no reason why Nigeria should not be a leader in inclusive economic growth,” said Aisha Bello, a governance consultant. “But it requires transparency, institutional strengthening, and political will to ensure that development is felt at the grassroots level.”

As the country prepares for its next budget cycle, many are watching to see whether policymakers will respond to the warnings with meaningful action or continue to maintain the status quo.

For now, the IMF’s stark ranking serves as both a wake-up call and a challenge: will Nigeria take the hard steps necessary to lift its citizens out of poverty — or allow its decline to deepen further?