Nigeria’s economy has lost its title as the Africa’s largest economy as it slipped to fourth place behind South Africa, Egypt, and Algeria.
This is according to a recent forecast by the International Monetary Fund, (IMF).
Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging behind Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.
?Africa’s most industrialised nation (South Africa) will remain the continent’s largest economy until Egypt reclaims the mantle in 2027. According to the IMF’s projection, Nigeria is expected to remain in fourth place for years.
Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a currency plunge.
President Ahmed Tinubu announced the floating of the naira in June last year, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages.
?In the first quarter of 2024, the naira was further devalued against the dollar.
Meanwhile, in March, the naira recorded a 50 per cent gain against the dollar.
