IMF Affirms Nigeria As Africa’s Biggest Economy

imf

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.

These countries are being trailed by Germany, United Kingdom and France in that order.
The Managing Director of the IMF, Christine Lagarde, said at the just concluded World Bank/IMF meetings that global growth had been too slow for too long.

“We continue to face the problem of global growth being too low for too long, benefiting too few,” she said after the world economic outlook was published.

The world expects an economic growth of 3.1 percent in 2016, reviewed from 3.4 percent.

http://www.thisdaylive.com/index.php/2016/10/19/imf-affirms-nigeria-as-africas-biggest-economy/

MORE TO READ:

01: Igbo And Fulani Clash In Enugu: 2 Killed, Mosque Burnt

02: Buhari Will Die, Nnamdi Kanu Released, Osinbajo Will Be – Prophet Chukwudi

03: Season's Greeting From Plafomia

04: Don’t Blame Buhari For Hunger In Nigeria – Fr. Mbaka

05: How To Survive Nigeria’s Economic Recession, 12 Important Steps

06: Goodluck Jonathan: Sokoto Residents Beg GEJ To Come Back As President

Nigeria is blessed with everything. … even with a president that doesn’t understand recession and he is still doing it …. well I guess IMF ate in Lier muhammed house before announcing this.

Or who know if Aisha gave them a plate.

1 Like Like Quote Report
1 Like Like

Does this make you wonder?

Well, generally there is recession all over the globe just that it varies in countries. That of Nigeria is quite heavy due to our over-reliance on oil hence a monopolised economy. We hope to see a government that will harness other untapped resources in the country such as Agriculture, Natural resources, Information Technology and other mainstreams, not just to stay as Africa giant but to compete with other developed countries in the world but it’s a pity we have never had good leadership in power since independence.

2 Likes Like Quote Report
2 Likes Like