Why Nigeria’s Economy Has Fallen Behind Ghana’s Under APC Rule

By 2023, Nigeria’s economic weaknesses were already clear. Almost a decade of APC rule shifted the debate from inherited problems to government accountability. Comparing Nigeria with Ghana makes this shift even more striking. In 2015, Nigeria’s GDP per capita was about $2,500, well above Ghana’s $1,400. Today, Ghana’s output per person falls between $2,200 and $2,500, while Nigeria’s has dropped to around $800–$1,200. Policy choices and security challenges help explain the reversal. Ghana weathered IMF programs and currency swings while maintaining macroeconomic stability. Nigeria, by contrast, faces insurgency, banditry and kidnappings that disrupt agriculture and scare off investment. Removing fuel subsidies and adjusting exchange rates may have been necessary. But without fixing security, reforms struggle. Ignoring violence in key regions handicaps economic growth—and voters remember.

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