Nigeria drops to fourth position on IMF's list of largest economies in Africa 2024

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Nigeria's Economy, Once Africa's Biggest, Slips To Fourth Place - IMF

Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

(Bloomberg) — Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion. 

Africa’s most industrialized nation will remain the continent’s largest economy until Egypt reclaims the mantle in 2027, while Nigeria is expected to remain in fourth place for years to come, the data released this week shows. Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.

Bola Tinubu has announced significant policy reforms since he became Nigeria’s president at the end of May 2023, including allowing the currency to float more freely, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages. Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency devaluations.

Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, has also allowed its currency to float, triggering an almost 40% plunge in the pound’s value against the dollar last month to attract investment.

The IMF had been calling for a flexible currency regime for many months and the multilateral lender rewarded Egypt’s government by almost tripling the size of a loan program first approved in 2022 to $8 billion. This was a catalyst for a further influx of around $14 billion in financial support from the European Union and the World Bank. 

Unlike Nigeria’s naira and Egypt’s pound, the value of South Africa’s rand has long been set in the financial markets and it has lost about 4% of its value against the dollar this year. Its economy is expected to benefit from improvements to its energy supply and plans to tackle logistic bottlenecks.

Algeria, an OPEC+ member has been benefiting from high oil and gas prices caused first by Russia’s invasion of Ukraine and now tensions in the Middle East. It stepped in to ease some of Europe’s gas woes after Russia curtailed supplies amid its war in Ukraine. 

https://www.bloomberg.com/news/articles/2024-04-18/nigeria-s-economy-once-africa-s-biggest-slips-to-fourth-place

https://financialpost.com/pmn/business-pmn/nigerias-economy-once-africas-biggest-slips-to-fourth-place nlfpmod seun

The CSU druggie and certificate forger first class gbajue has made the economy great with his abracadabra economic policies. Taking your foreign reserves to shore up forex, and fuel subsidy is an economic ill wind that blows no one any good.

However, how can you help those who have long made lies and propaganda official policies of government with zombies cheering on? Sometimes one wonder what these fella smoke or what world they live in. You don't run a delicate part of a nation's life as the economy based on lies and propaganda una no dey hear.

Congratulations to enemies of Nigeria

While Nigeria is expected to remain in fourth place for years to come, the data released this week shows. Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.

Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency devaluations.

The same IMF that goaded the druggie to remove fuel and electricity subsidies has turned around to start projecting an economy downturn for us. This is why you should never be a puppet for these Western imperialists.

It is well.

Giant of Africa my arse

What a tragedy.
Nigeria isn't even the second or third, but now in fourth place.

We will regain our position when the naira strengthen.

Paraman:
We will regain our position when the naira strengthen.

Thought the naira has strengthened against the dollar already? Meanwhile, after how many years of the disastrous APC regime?

From 3rd fastest growing economy in the world in 2015 to the struggling economy under two useless unfit fellas who have bastardized this nation beyond repairs. Lies and propaganda does not means economic intelligence. Where is FreestuffNG with all his conspiracy theories?

IMF FORECAST - APR 2024
The Nigerian Economy may slip to be the 4th largest economy in Africa by the end of 2024.

These are the projected Top 10
1 🇿🇦South Africa: $373.3bn
2 🇪🇬Egypt: $347.6bn
3 🇩🇿Algeria: $266.8bn
4 🇳🇬Nigeria: $252.7bn
5 🇪🇹Ethiopia: $205.1bn
6 🇲🇦Morocco: $152.4bn
7 🇰🇪Kenya: $104.0bn
8 🇦🇴Angola: $92.1bn
9 🇨🇮Cote D'Ivoire: $86.9bn
10 🇹🇿Tanzania: $79.6bn

Nigerian economy has maintained the no. 1 spot consecutively since 2017 and achieved its highest GDP size in 2014 at $568.5bn.

GDP Value
2014: $568.5bn
2024: $252.7bn — projected

GDP per Capita
2014: $3,222.7
2024: $1,109.9 — projected

Inflation Rate, end of period
2014: 7.98%
2024: 23.96% — projected

#Statisense
(IMF WEO Apr 2024)

https://twitter.com/StatiSense/status/1781408878334218402?t=A3qnRKHet9KvEe9AOfxWHw&s=19 nlfpmod

Delusionals always overhyping incompetency and propaganda over reality.