josephugoscucii:
For those who SHAMELESSLY DEFEND TINUBU GOVT, Numbers don't lie,
Under 1 year, Nigeria went from number 1 in Africa to number 4.
And this is not the End of this self inflicted catastrophe

josephugoscucii:
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.
Recommended reading: IMF sees Nigeria’s
inflation dropping to 26.3% this year
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.

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


For FULL REPORT
https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?a=1&c=001,998,&s=NGDPD,PPPGDP,PPPPC,PPPSH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1

thesicilian:

That you think this fall happend in under 1 year shows how myopic you and your ilk are

thesicilian:

That you think this fall happend in under 1 year shows how myopic you and your ilk are