Business News

Nigeria to Lose Africa’s Largest Economy Status, Drop to Fourth—IMF

map of nigeria

By Adedapo Adesanya Nigeria is likely to lose its status as Africa’s largest economy and drop to fourth place this year after a series of Naira devaluations, International Monetary Fund (IMF) forecast show. According to the IMF’s World Economic Outlook as reported by Bloomberg, Nigeria’s estimated gross domestic product stands at $253 billion based on current prices this year. This means Nigeria is behind North African powerhouses Algeria (3rd) at $267 billion, Egypt at $348 billion (2nd), and South Africa at $373 billion (1st). The report added that South Africa would remain the continent’s largest economy until Egypt reclaims the