Frequently referred to as the Giant ofAfrica, Nigeria is growing slower than its population andlarge numbers of people are poor. With gross national incomeper capita of US$2,100 (in 2017; Atlas method, WDI), Nigeriais classified as a lower-middle-income country. It is richlyendowed, has a relatively young, rural, and multiethnicpopulation, and accounts for the largest economy andpopulation in Africa. It has the potential to become aneconomic powerhouse through the effective management of itsabundant resources, including plentiful agricultural land,marine fisheries, hydropower, oil and gas, unexploiteddeposits of minerals and metals, a young labor force, and astrong entrepreneurship culture. One-fifth of the populationis in the middle class. However, significant povertypersists despite the government’s effort to reduce the highpoverty rate. Measured according to the US$1.90-a-day percapita purchasing power parity poverty line, it is estimatedthat 42.8 percent of Nigeria’s population was living inextreme poverty in 2016. Poverty has been rising in ruralareas and in the northern zones, while the situation in thesouthern zones has generally been improving. Nigeria needsmore inclusive economic growth, so more people can exit frompoverty, and the country can evolve into a society with asizable middle class, a viable social contract between thegovernment and the people, and peace and prosperity acrossthe nation. A key development challenge in Nigeria revolvesaround economic growth, which has had a limited impact onreducing poverty and building shared prosperity. ThisSystematic Country Diagnostic (SCD) examines the challengesthe government and people of Nigeria face in achieving thetwin goals of poverty reduction and shared prosperity.
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