₦airaland Forum

Nigeria records 2.54% GDP growth rate in Q3 2023

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.

Asmmi:
Let's keep believing. Nigeria will be Great again

Bestmanfornow:
You can't give what you don't have, it's not possible

Betanaija42moro:
They keep on telling us stories. I thought we are suppose to be the number one in Africa

helinues:
Toh

We no even dey rely on IMF report as we know how to find out square roots

Bestmanfornow:
Keep fooling yourself with lies, this is the worst time for Nigerians nothing is working in this country, this are so expensive, the energy sector is totally collapse, the only thing working for you guys is propaganda

Bestmanfornow:
Low minds defending their incompetent leader, you don't even need IMF this is the worst time for Nigerians

helinues:
Would something terrible happen to you lots if you made your comments without insulting others?

You guys should stop that childish attitude

Asmmi:
You can't be what you don't wish. Be optimistic

Mindlog:
After wishing, take practical steps to achieve what you want to become because lazy people also wish to be financially comfortable but daydreaming don't cut it

AmuOtu:
Hi, I want to help you ok.

Paraman:
Speak for yourself please.

Power supply is very good in my area, cost of goods and service is falling, infrastructure is improving etc

Nigeria is on the right path to greatness

Bestmanfornow:
When I said propaganda doesn't build economy, only a fool will be lying to himself expecting a positive result, now we are not more largest economy in Africa na number 4th Oluwale economic team has finished us in this country