Good News! Nigeria Has Been Affirem As Africa’s Biggest Economy

Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa — ahead of South Africa and Egypt.

In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).

“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August.

“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.

But according to TheCable, latest estimates from the IMF however put Nigeria’s GDP at $415.080 billion, from $493.831 billion at the end of 2015.

The IMF World Economic Outlook for October 2016 puts South Africa’s GDP at $280.367 billion, from $314.732 billion a year earlier.

Egypt’s 2016 data was reported as not available, but its 2015 size remained at $330.159 while that of Algeria, one of the largest economies on the continent, was put at $168.318 billion.

The United States, China and Japan maintained their spots as the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively.

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  • chika bibian

    It doesn’t make sense cos hunger dey deal with people for niaja….

  • Cornel Nwankwo

    Hope such affirmation is a real one upon this current recession Nigeria is facing this period………….

  • kayode akinsanya

    Stop deceiving us jor

  • Even with the hunger…we try

  • Olovo Obinna

    Am not an economy expert but I wonder the criteria this guys use… Though 9ja at this point will favour foreign investment

  • Mezzy Gilbert

    Abeg make una no dey dcv us

  • emekachilaka

    No be waiting me go chop abeg

  • WillieBravo

    Hmmm! People dey hungry una dey say no their economy be the biggest in Africa. Abi Naija Don dey rig who go win the biggest economy again? Because our people too strong o

    • Mezzy Gilbert

      Na tru u tok,maybe dem don rig am

      • Lol

      • Cornel Nwankwo

        No be small thing

      • WillieBravo

        Now u are saw what I’m saw.

    • Hahahahaha you bad ooo

    • chika bibian