Nigeria is projected to slip to the fourth largest economy in Africa in 2024, behind South Africa, Egypt, and Algeria, according to IMF forecasts for April 2024.

Nigeria which has held the title of “Africa’s largest economy” since the GDP rebasing in 2013 is projected to have a total GDP of $253 billion in 2024, primarily due to the devaluation of the Naira.

According to IMF forecasts, South Africa will be Africa’s largest economy with a GDP of $373 billion, followed by Egypt with $348 billion, and Algeria with $267 billion.

Recall that in 2023, it was projected that South Africa will overtake Nigeria as the largest economy in Africa.

Based on IMF’s estimates, Nigeria’s GDP in US Dollars declined from $477 billion in 2022, to $375 billion in 2023, it is estimated to drop to $253 billion in 2024. However, in the Naira, the GDP improved from N202.4 trillion in 2022 to N234.4 trillion in 2023. For 2024, the GDP is projected to hit N296.4 trillion.

What you should know

According to IMF data, Nigeria was the largest economy in Africa in 2022, however, a devaluation of the Naira caused Nigeria to drop to third place in 2023, behind Egypt with a GDP of $394 billion and South Africa with a GDP of $378 billion.

In 2024, the devaluation of the Nigerian Naira and the Egyptian Pounds will see Nigeria and Egypt’s fortunes decline, with South Africa taking the reins as Africa’s largest economy.

Since President Bola Tinubu took over as President in 2023, the official exchange rate of the Nigerian Naira has plunged by over 55%, leaving a significant dent in the GDP computation of the country. Meanwhile, in Egypt, economic reforms since March 2024 have caused the Egyptian Pounds to decline by almost 40% in just over a month. In South Africa, the Rand has devalued by a slim 4% in 2024.

IMF estimates that Nigeria’s GDP will grow by 3.34% in 2024, up from the 2.86% growth rate posted in 2023. South Africa’s GDP is estimated to grow by 0.9% in 2024, from 2023’s 0.6% GDP growth rate.

Egypt’s GDP is projected to grow at 3.0% in 2024, a decline from its 2023’s GDP growth rate of 3.76.

Source: https://nairametrics.com/2024/04/19/nigeria-to-become-africas-fourth-largest-economy-in-2024-imf

In 1999 when OBJ became president, Nigeria's GDP was only $59 Billion.

In 2007 when OBJ left office, Nigeria's GDP had grown to $278 Billion.

In 2010 when Yar'Adua left office, Nigeria's GDP grew to $367 Billion.

In 2015 when GEJ left office, Nigeria was Africa's largest economy with a GDP of $500 Billion.

Within 9 years of Tinubu and Buhari combined, Nigeria's GDP is now only $252 Billion.

Yet they use propaganda to tell you they're steering the economy in the right direction!

That's why they loathe Obidients who are making Nigerians aware of how they're trying to bankrupt the country for selfish gains

No doubt about with a workaholic like this current administration.

Together we shall

socialmediaman:

Wait, I didn't read the writeup ooh, my submissions below came as a result of the kind of person the op is, I know he would never bring the news here if it were to be a good news about Nigeria....


U better leave imf alone and face ur boyboy/nwaboy servitude squarely...

Wetin be ur problem with imf roundtable concerns and debate??

Since imf has bn going to and fro, back and forth on Nigeria issues what has it resulted to??

I am sure u are bringing this just because its a kind of news u like disseminating I ur WhatsApp and telegram group just because it doesn't favour the Nigeria u claim u love...(ur emergency dear country)

Kpele ooh, nwaboy.

2Radii:


U better leave imf alone and face ur boyboy/nwaboy servitude squarely...

Wetin be ur problem with imf roundtable concerns and debate??

Since imf has bn going to and fro, back and forth on Nigeria issues what has it resulted to??

I am sure u are bringing this just because its a kind of news u like disseminating I ur WhatsApp and telegram group just because it doesn't favour the Nigeria u claim u love...(ur emergency dear country)

Kpele ooh, nwaboy.

One spotted!

They support the evil perpetrated daily on Nigerians.

They hate government's lies exposed for that the public to make informed decisions for themselves.

They want corrupt politicians to bankrupt Nigeria before anyone finds out

Fake lovers of Nigeria!

We go take number one position by Dec

seun nlfpmod

socialmediaman:


One spotted!

They support the evil perpetrated daily on Nigerians.

They hate government's lies exposed for that the public to make informed decisions for themselves.

They want corrupt politicians to bankrupt Nigeria before anyone finds out

Fake lovers of Nigeria!

But u re part of people resisting the arrest of binance executives abi u no dey among??

2Radii:


But u re part of people resisting the arrest of binance executives abi u no dey among??

The topic here is GDP. How did 2 presidents who supposedly knew what they were doing according to Tinubu supporters, manage to crash Nigeria's GDP from over $500 billion to around $250 billion in just 9 years?

socialmediaman:
In 1999 when OBJ became president, Nigeria's GDP was only $59 Billion.

In 2007 when OBJ left office, Nigeria's GDP had grown to $278 Billion.

In 2010 when Yar'Adua left office, Nigeria's GDP grew to $367 Billion.

In 2015 when GEJ left office, Nigeria was Africa's largest economy with a GDP of $500 Billion.

Within 9 years of Tinubu and Buhari combined, Nigeria's GDP is now only $252 Billion.

Yet they use propaganda to tell you they're steering the economy in the right direction!

That's why they loathe Obidients who are making Nigerians aware about how they're trying to bankrupt the country for selfish gains

The below quote is for them

"Propaganda does not deceive the people; it merely helps the APC, Tinubu, those working with him, his apologist to continue to deceive themselves."

2Radii:

Wait, I didn't read the writeup ooh, my submissions below came as a result of the kind of person the op is, I know he would never bring the news here if it were to be a good news about Nigeria....

What you're calling "good news" are lies/propaganda designed to deceive Nigerians into thinking they're doing a great job

They're destroying the economy, Nigerians need to know and decide whether that's what they want or not.

The numbers speak for themselves