Ouagadougou: Nigeria has become the fourth largest economy in Africa this year, losing two places in one year. This is what emerges from the new ‘World Economic Outlook’ report from the International Monetary Fund (IMF).
Nigeria, which occupied second place in Africa in 2023 in the GDP ranking, is now overtaken by Egypt and Algeria, according to IMF analysts.
The African country with the highest GDP in 2024 is South Africa ($373 billion). It is followed by Egypt ($348 billion), Algeria ($267 billion) and Nigeria ($253 billion). Last year, South Africa was in first place (GDP almost $400 billion), followed by Nigeria ($395 billion), Egypt ($358 billion) and Algeria ($239 billion).
The economies of Egypt and Nigeria are suffering significant losses due to high inflation and the depreciation of national currencies, while Algeria has benefited from strong global demand for oil and natural gas.
According to IMF forecasts, Egypt will overtake South Africa in 2027 and take first place in Africa in the GDP rankin
g. As for Nigeria, it will remain in fourth place in the ranking for some time to come.
Source: Burkina Information Agency