Nigeria Loses Title As Africa’s Largest Economy; Slips To Fourth Place

Date: 27-04-2024 2:08 pm (1 month ago) | Author: Mister Jay Wonder
- at 27-04-2024 02:08 PM (1 month ago)
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Nigeria's economic landscape witnessed a significant shift as it relinquished its position as Africa's largest economy, falling to fourth place behind South Africa, Egypt, and Algeria, according to the latest forecast by the International Monetary Fund (IMF).

The IMF's World Economic Outlook projects Nigeria's gross domestic product (GDP) at $253 billion, trailing Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion based on current prices for the year.

South Africa, Africa's most industrialized nation, is set to retain its status as the continent's largest economy until Egypt reclaims the top spot in 2027, according to the IMF's projections. Nigeria is anticipated to remain in fourth place for the foreseeable future.

The economic dynamics of both Nigeria and Egypt have been marred by challenges such as high inflation and currency depreciation. President Ahmed Tinubu's decision to float the naira last year, coupled with reforms aimed at addressing currency shortages and subsidy removals, has contributed to the economic landscape's volatility.

In the first quarter of 2024, the naira experienced further devaluation against the dollar, reflecting ongoing currency pressures. Conversely, the naira recorded a 50 per cent gain against the dollar in March, underscoring the currency's volatility.

Egypt, grappling with significant debt levels and currency devaluation, initiated currency floatation measures, resulting in a substantial decline in the pound's value against the dollar. This move aimed to attract foreign investment, prompting the IMF to expand its loan program to Egypt and attracting additional financial support from global institutions.

South Africa, with a long-established flexible currency regime, has seen modest depreciation of the rand against the dollar this year. Efforts to improve energy infrastructure and address logistical bottlenecks are expected to bolster South Africa's economic resilience.

Meanwhile, Algeria, an OPEC+ member, has benefited from soaring oil and gas prices amid geopolitical tensions. Its intervention to alleviate Europe's gas shortages amidst the Russia-Ukraine conflict has underscored its strategic importance in global energy markets.


Posted: at 27-04-2024 02:08 PM (1 month ago) | Addicted Hero
- gogoman at 27-04-2024 02:17 PM (4 weeks ago)
Online (m)
Good!!! now we can focus on what really matters and do better!!! the burden is too much!!  Roll Eyes Roll Eyes Roll Eyes
Posted: at 27-04-2024 02:17 PM (4 weeks ago) | Grande Master
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- fineboy77 at 27-04-2024 02:22 PM (4 weeks ago)
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APC have killed Nigeria

Posted: at 27-04-2024 02:22 PM (4 weeks ago) | Addicted Hero
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- OmoNobaUku at 27-04-2024 03:55 PM (4 weeks ago)
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Garbage from mischief makers. Statistics and damn lies, as a former British Prime Minister once described economic reports of this nature. How on earth could the economies of small countries the likes of Egypt be bigger than that of NGR. That is an impossible lie from imperialists who mean no good for our dear country or for the quiet turnaround going on at the moment. And from Obidiots who foolishly carry propaganda and think they can benefit from anarchy and rejection of PBAT's Govt, even though they CAN'T and WILL NEVER!
Posted: at 27-04-2024 03:55 PM (4 weeks ago) | Gistmaniac
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- Holopid at 27-04-2024 04:32 PM (4 weeks ago)
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am Not surprise   Angry
Posted: at 27-04-2024 04:32 PM (4 weeks ago) | Gistmaniac
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- Robertocalos at 27-04-2024 04:36 PM (4 weeks ago)
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What APC cannot do does not exist.  Sad Sad Sad Sad
Posted: at 27-04-2024 04:36 PM (4 weeks ago) | Upcoming
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- fineboy77 at 27-04-2024 04:50 PM (4 weeks ago)
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Quote from: OmoNobaUku on 27-04-2024 03:55 PM
Garbage from mischief makers. Statistics and damn lies, as a former British Prime Minister once described economic reports of this nature. How on earth could the economies of small countries the likes of Egypt be bigger than that of NGR. That is an impossible lie from imperialists who mean no good for our dear country or for the quiet turnaround going on at the moment. And from Obidiots who foolishly carry propaganda and think they can benefit from anarchy and rejection of PBAT's Govt, even though they CAN'T and WILL NEVER!
Data from the IMF and you are spitting gibberish. No wonder they say that to support APC, you have to remove your brain and senses. You represent the lowest of all stupidities. Tufia !!! Are you from any family at all? If yes, dem still dey count you join?

Posted: at 27-04-2024 04:50 PM (4 weeks ago) | Addicted Hero
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- kp45 at 27-04-2024 05:51 PM (4 weeks ago)
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Ok
Posted: at 27-04-2024 05:51 PM (4 weeks ago) | Addicted Hero
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- Dopybadass at 27-04-2024 08:14 PM (4 weeks ago)
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Alright na
Posted: at 27-04-2024 08:14 PM (4 weeks ago) | Gistmaniac
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fire TRENDING GISTS fire

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