{"id":28238,"date":"2024-04-19T16:19:26","date_gmt":"2024-04-19T16:19:26","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=28238"},"modified":"2024-04-19T16:19:26","modified_gmt":"2024-04-19T16:19:26","slug":"imf-forecasts-nigeria-as-africas-fourth-largest-economy-by-2024","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/04\/19\/imf-forecasts-nigeria-as-africas-fourth-largest-economy-by-2024\/","title":{"rendered":"IMF Forecasts Nigeria as Africa&#8217;s Fourth Largest Economy by 2024"},"content":{"rendered":"<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-bdsyd-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-bdsyd-1n7m0yu\">\n<div class=\"flex flex-col text-sm\">\n<div class=\"w-full text-token-text-primary\" dir=\"auto\" data-testid=\"conversation-turn-91\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 juice:gap-4 juice:md:gap-6 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"a587af8e-9ada-45ac-bdda-71a09e47e25f\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The International Monetary Fund (IMF) has released its April 2024 forecast, projecting Nigeria to rise as the fourth-largest economy in Africa by the end of the year, trailing behind South Africa, Egypt, and Algeria.<\/p>\n<p>Since the GDP rebasing in 2013, Nigeria has held the title of &#8220;Africa&#8217;s largest economy.&#8221; However, according to the IMF, Nigeria&#8217;s projected total GDP for 2024 is $253 billion, primarily influenced by the devaluation of the Naira.<\/p>\n<p>The forecast ranks South Africa as Africa&#8217;s largest economy, with a projected GDP of $373 billion, followed by Egypt with $348 billion and Algeria with $267 billion. Notably, in 2023, it was anticipated that South Africa would surpass Nigeria as the largest economy in Africa, based on IMF estimates.<\/p>\n<p>Nigeria&#8217;s GDP in US Dollars declined from $477 billion in 2022 to $375 billion in 2023, with a further projected decrease to $253 billion in 2024. However, in Naira terms, the GDP improved from N202.4 trillion in 2022 to N234.4 trillion in 2023, with a projected increase to N296.4 trillion in 2024.<\/p>\n<p>In IMF data, Nigeria ranked as the largest economy in Africa in 2022. Still, due to the devaluation of the Naira, Nigeria dropped to the third position in 2023, trailing behind Egypt with a GDP of $394 billion and South Africa with a GDP of $378 billion.<\/p>\n<p>The forecast suggests that the devaluation of the Nigerian Naira and the Egyptian Pound will lead to a decline in the fortunes of both Nigeria and Egypt in 2024, with South Africa expected to reclaim its position as Africa&#8217;s largest economy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"cursor-pointer absolute z-10 rounded-full bg-clip-padding border text-token-text-secondary border-token-border-light right-1\/2 bg-token-main-surface-primary\"><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has released its April 2024 forecast, projecting Nigeria to rise as the fourth-largest economy in Africa by the end of the year, trailing behind South Africa, Egypt, and Algeria. Since the GDP rebasing in 2013, Nigeria has held the title of &#8220;Africa&#8217;s largest economy.&#8221; However, according to the IMF, Nigeria&#8217;s [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":28239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-28238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=28238"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28238\/revisions"}],"predecessor-version":[{"id":28245,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28238\/revisions\/28245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/28239"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=28238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=28238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=28238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}