The decline in Nigeria’s economy may not have robbed her of its position in the rank for Africa’s biggest economy.
According to recent estimates by the International Monetary Fund, (IMF), Nigeria still holds the position as the Africa’s biggest economy with South Africa and Egypt emerging second and third respectively.
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.
Algeria which is also one of the largest economies on the African continent was put at $168.318 billion.
South Africa had in August 2016 beaten Nigeria to the position and emerged the Africa’s biggest economy 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.
“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.
From the estimates, the United States, China and Japan remained the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively.
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