IMF says Nigeria still Africa’s biggest economy

Latest estimates by the International Monetary Fund, (IMF) has shown that Nigeria remains the biggest economy in Africa, followed by South Africa and Egypt.

The estimate in a World Economic Outlook for October 2016 which put Nigeria’s Gross Domestic Product (GDP) at $415.080 billion, from $493.831 billion at the end of 2015 also put that of Africa at $280.367 billion, from $314.732 billion a year earlier and that of Egypt remained at $330.159 as at 2015. In  August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).

“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August.

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“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said. “Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.

The estimates indicated that while the United States, China and Japan maintained remained the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively, that of Algeria, one of the largest economies on the African continent was put at $168.318 billion.

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