Saturday, 20 April 2024 03:31

From being Africa’s largest, Nigeria’s economy will slip to fourth in 2024 - IMF

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Nigeria is poised to descend to the fourth position among Africa's largest economies in 2024, a stark contrast to its long-held status as the continent's largest economy since the GDP rebasing in 2013. According to forecasts from the International Monetary Fund (IMF) for April 2024, Nigeria's GDP is projected to amount to $253 billion, primarily attributed to the devaluation of the Naira.

The IMF predicts that South Africa will reclaim its position as Africa's largest economy, boasting a GDP of $373 billion, followed closely by Egypt with $348 billion and Algeria with $267 billion. This projection marks a significant shift from previous years, highlighting the evolving economic landscape within the region.

In 2023, it was anticipated that South Africa would surpass Nigeria as the largest economy in Africa, a forecast that has materialized according to the IMF's latest estimates.

Nigeria's GDP in US Dollars has seen a notable decline from $477 billion in 2022 to $375 billion in 2023, and is further expected to drop to $253 billion in 2024. However, in Naira terms, Nigeria's GDP has shown improvement, reaching N234.4 trillion in 2023 and projected to hit N296.4 trillion in 2024.

The devaluation of the Naira, coupled with economic reforms in Egypt and minor fluctuations in South Africa's Rand, underpin these shifts in economic rankings. Since President Bola Tinubu assumed office in 2023, the official exchange rate of the Naira has depreciated by over 55%, exerting a substantial impact on the country's GDP computation.

Similarly, economic reforms in Egypt have led to a rapid decline in the value of the Egyptian Pound, while South Africa has experienced comparatively marginal currency fluctuations.

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