The average income per person in Nigeria has reduced again to $835.49 in 2025, dropping people’s living standards.

New data from the International Monetary Fund (IMF), indicates that the drop represents a 4.73% fall from $877 in 2024, showing the consistent depreciation of household incomes as the cost of living crisis escalates.

Nigerians now earning less than in 2004 Per capita income (PCI) is the average income per person in a specific area or country. It's a key metric in economics and statistics that's used to measure the standard of living and quality of life for a population.

At the average exchange rate of N1,500 per dollar, an average Nigerian now earns N1.25 million per year, a recent improvement due to the appreciation of the naira in the FX market. A drop in Nigeria’s per capita income means that Nigerians are earning less on average or that economic growth has remained slow relative to population growth.

Reports say that Nigeria’s gross domestic product (GDP) per income earned by an average Nigerian has fallen by 72.8%, the lowest since 2004.

The development is due to several policies in the last decade that have weakened the economy and exacerbated living conditions. SB Morgen, a Nigeria data and intelligence gathering firm, says Nigeria’s GDP per citizen was about $3,223 in 2014.

However, the IMF estimate shows that it has fallen to $835 in 2025. A report by BusinessDay says that the decline, one of the sharpest in Africa, reflects a weakened resilience amid internal and external headwinds.

According to SBM, Nigeria’s GDP per capita has declined to its lowest since 2004 compared to its smaller neighbours.