Nigeria’s Economy Still the Biggest in Africa – IMF
A new report from the international monetary fund (IMF) has projected Nigeria as Africa’s biggest economy, in spite of its current challenges.
Nigeria is placed ahead of South Africa and Egypt which are second and third respectively.
In august, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).
But the IMF’s world economic outlook for October puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015.
According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at 330.159 dollars while that of Algeria, one of the largest economies on the continent, is put at 168.318 billion dollars.
The United States, china and japan maintain their spots as the largest economies in the world, ahead of Germany, United Kingdom and France.