IMF Affirms Nigeria Biggest Economy In Africa

By Modupe Gbadeyanka

Nigeria has retained its spot as the number one economy in Africa. This was confirmed by the International Monetary Fund (IMF).

In August 2016, Nigeria lost her place as Africa’s biggest economy to South Africa.

But the latest report by the IMF put the West African giant as number, while the former apartheid led country returns to second place.

TheCable reports that the latest estimates from the IMF 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.

In August 2016, the BBC reported that Nigeria lost its spot 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.

In the latest report, 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.