South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place - Politics

South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place (2231 Views)

1 2 Reply (Go Down)

South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by FactsZoneAfrica(op): 5:56pm On Apr 21, 2024*

Nigeria, once Africa's largest economy, is facing a shift in its economic standing according to projections from the International Monetary Fund (IMF).

This change comes as a result of a series of currency devaluations and economic challenges plaguing the nation.

Economic Rankings: A Shift in Power

According to the IMF's World Economic Outlook, Nigeria's gross domestic product (GDP) is estimated at $253 billion for the current year.

However, this places Nigeria behind Algeria, Egypt, and South Africa in terms of economic size.

While Nigeria has long been Africa's largest economy, recent developments indicate a changing landscape where other nations take the lead.

Factors Contributing to the Shift

The economic fortunes of Nigeria and Egypt have dimmed in recent times, largely due to high inflation rates and currency depreciation.

In Nigeria, President Bola Tinubu has implemented significant policy reforms aimed at addressing these challenges, including allowing the currency to float more freely and scrapping energy subsidies.

Despite these efforts, the Nigerian naira remains significantly weakened against the US dollar.

Similarly, Egypt has also faced currency devaluation as part of efforts to attract investment.

The IMF has supported Egypt's flexible currency regime by increasing the size of a loan program, which, in turn, attracted additional financial support from other international institutions.

https://africafactszone.com/south-africa-now-africas-largest-economy/

FOLLOW US TWITTER
https://twitter.com/FactsZoneAfrica

FOLLOW US ON WHATSAPP
https://whatsapp.com/channel/0029VaNpazG30LKX6YFPUG1U

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Jicks55: 5:59pm On Apr 21, 2024

Hmmm.... Nigeria my country

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Jicks55: 6:01pm On Apr 21, 2024

[quote author=Jicks55 post=129559382]Hmmm.... Nigeria my country . Who did this to us?

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Stanleymaster1: 6:25pm On Apr 21, 2024

If these news is true, it means APC is more dangerous than nuclear weapon.

15 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Paraman: 6:57pm On Apr 21, 2024

We will overtake them again when the naira strengthen

5 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Bestmanfornow: 7:03pm On Apr 21, 2024

Stanleymaster1:
If these news is true, it means APC is more dangerous than nuclear weapon.

4 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by LadyExcellency: 7:18pm On Apr 21, 2024

Make dem carry largest economy make we carry largest population.
If our children japa enough, dem go bring back enough dollar to project Nigeria back to the top.

Education is the key. We go dey export human capital since we no need them here in Nigeria.

2 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Bestmanfornow: 7:22pm On Apr 21, 2024

LadyExcellency:
Make dem carry largest economy make we carry largest population.
If our children japa enough, dem go bring back enough dollar to project Nigeria back to the top.

Education is the key. We go dey export human capital since we no need them here in Nigeria.

Chai 😭😭see reasoning

9 Likes 2 Shares

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by RenaissanceGuy: 7:22pm On Apr 21, 2024

All due to our extremely weak naira. If naira had stayed between ₦200-₦300 till date, we'd be at around $900B.

4 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Tellmeastory: 7:27pm On Apr 21, 2024

It’s only a matter of time before Nigeria regains it rightful position.

Especially with a competent leader like Tinubu in charge.

So, no biggie.

4 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Cindypresh(f): 7:49pm On Apr 21, 2024

Paraman:
We will overtake them again when the naira strengthen

This is exactly how you deceived yourself with buhari for 8 wasted years.

When will you lots learn huh

15 Likes 2 Shares

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by DMerciful(m): 9:03pm On Apr 21, 2024*

Self deceit is the worst form of deceit

Tellmeastory:
It’s only a matter of time before Nigeria regains it rightful position.

Especially with a competent leader like Tinubu in charge.

So, no biggie.

5 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by DMerciful(m): 9:03pm On Apr 21, 2024

They never learn

Cindypresh:
This is exactly how you deceived yourself with buhari for 8 wasted years.

When will you lots learn

4 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by snowball11(m): 9:13pm On Apr 21, 2024

Nigeria suffering the effect of the idiotic party they voted into power since 2015! undecided

Idiotic bunch! grin

6 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Adaisback(f): 10:45pm On Apr 21, 2024*

Nigerians be honest with yourselves, are you actually expecting Nigeria to be the no 1 biggest economy in Africa with the way our head and body dey shake so? The economy sef be like person wey dey manage am

5 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Tochi360: 10:49pm On Apr 21, 2024

Paraman:
We will overtake them again when the naira strengthen

With Apc in Power??

Why is it so hard for you to understand that APC never from day one had any such plans to make Nigeria better? They only joined forces to crush pdp and keep Power at all cost, Nigeria is plainly politics and win elections at any cost to Apc. This is not really hard to see.
Since 2015 all We have ever had to get from APC is Pdp this,pdp that,pdp this,pdp that now they are all about crying predecessors this buhari dat cheesy

Very unserious govt .

5 Likes 2 Shares

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by kenny714433(m): 11:11pm On Apr 21, 2024*

In the voice of David Attenborough "Tinubulation strikes again, and again, and again!

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by favor914: 11:21pm On Apr 21, 2024

Stanleymaster1:
If these news is true, it means APC is more dangerous than nuclear weapon.

When it was so called number 1, what did you achieve with it?

18 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by favor914: 11:23pm On Apr 21, 2024

Tochi360:
With Apc in Power??

Why is it so hard for you to understand that APC never from day one had any such plans to make Nigeria better? They only joined forces to crush pdp and keep Power at all cost, Nigeria is plainly politics and win elections at any cost to Apc. This is not really hard to see.
Since 2015 all We have ever had to get from APC is Pdp this,pdp that,pdp this,pdp that now they are all about crying predecessors this buhari dat

Very unserious govt .

APC this, APC that, no be you Nigerians cast your ballot, &!voted Pdp out of power, & replaced them with this same APC, as if they are any different from Pdp & all the remaining political parties?

Pointing fingers calling names, does not exonerate you.

18 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by ogashman(m): 12:01am On Apr 22, 2024

favor914:
When it was so called number 1, what did you achieve with it?

Yes...let it nose dive to 54th economy in Africa...wetin we wan use am do?

See mumu reasoning

4 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Ken4Christ: 12:33am On Apr 22, 2024

Paraman:
We will overtake them again when the naira strengthen

Stories. Is it just about the value of the naira. What are we producing?

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by rinzaugustine: 1:34am On Apr 22, 2024

That is why most people here see the Agbado emergency lovers of Nigeria that supported the Emilokan drug baron like people born without common sense

3 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by socialmediaman: 1:51am On Apr 22, 2024*

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

In 2007 when OBJ left office, Nigeria's GDP was $278 Billion.

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

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

Many people really don't know how far back these people have set Nigeria from 2015 to date.

4 Likes 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Blackfire(m): 2:05am On Apr 22, 2024

Propaganda can only carry you no where

4 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Yankee101: 2:09am On Apr 22, 2024

When you devalue your currency you make the mass population poorer at the same time

The only few times you can devalue to an advantage is when you’re trying to push massive exports and you want to make it more attractive by making it cheaper

2 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by CrossRhodes: 3:21am On Apr 22, 2024

Bestmanfornow:
Chai 😭😭see reasoning

😂 c'est fini

3 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by CrossRhodes: 3:23am On Apr 22, 2024

rinzaugustine:
That is why most people here see the Agbado emergency lovers of Nigeria that supported the Emilokan drug baron like people born without common sense

Actually it's facts, no lies

3 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by CrossRhodes: 3:24am On Apr 22, 2024

favor914:
When it was so called number 1, what did you achieve with it?

Them say una no get common sense to reason...
Just look at what you typed

3 Likes

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Max24: 3:27am On Apr 22, 2024

Congratulations to Obi supporters ! This is the kind of news that they love to hear about Nigeria. It gives them erection. Clowns !

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Helinuesmybaby: 4:17am On Apr 22, 2024

Max24:
Congratulations to Obi supporters ! This is the kind of news that they love to hear about Nigeria. It gives them erection. Clowns !

Are you not a cow ?

1 Like 1 Share

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by wiseoneking: 5:21am On Apr 22, 2024

LadyExcellency:
Make dem carry largest economy make we carry largest population.
If our children japa enough, dem go bring back enough dollar to project Nigeria back to the top.

Education is the key. We go dey export human capital since we no need them here in Nigeria.

You don’t export what you don’t have. We don’t have enough doctor but you are exporting the few doctors and nurses you have to those that even have more than you. Your best brain will always serve as slaves to other nations why some like you that are dull of understanding will always be around to vote incompetent leaders like Buhari and Tinubu to power. Mind you, your country has the largest out of school children in the world with the world highest high dimensional and multidimensional poor people on earth. Let that country break in fragments for faster development

Re: South Africa Now Africa's Largest Economy As Nigeria Slips To 4th Place by Paraman: 5:34am On Apr 22, 2024

Ken4Christ:
Stories. Is it just about the value of the naira. What are we producing?

What are we producing in 2014 when we top the list?

1 2 Reply

Lagos Becomes Africa's 2nd-largest City Economy As GDP Hits $259 Billion • Shettima Should Handle Security, Tinubu Economy As Promised - Obi • Rule Of Law: Nigeria Slips By Two Points, Ranks 120th In 142 Countries — WJP • 2 • 3 • 4

It Appears Peter Obi Has Dribbled Himself Out Of The 2027 Elections • They All Lost In Their Various States Yesterday. Losers FC • Does It Really Pay to Serve Nigeria?