Nigeria Regains Ground as African Largest Economy Despite Economic Recession

The Federal Republic of Nigeria have regained ground as the African Largest Economy as the International Monetary Fund (IMF) publish the recent state of African Economy.

In August South Africa which is among the top Economy in Africa was leading as no one after Nigeria lost their position because of Economic recession but according to the report of the International Monetary Fund (IMF) recently Nigeria is now the leading Economy (No 1) in Africa. In Nigeria the major State that boost our Gross Domestic Product (GDP) is Lagos State and some part of the Eastern part of the country like Onitsha.

To show there is reduction in African Economy, IMF puts Nigeria Gross Domestic Production (GDP) to 415.08 billion dollars against the 493.83 Billion dollars as of last year 2015 while IMF puts South Africa Gross Domestic Production to  280.36 billion dollars against the 314.73 billion dollars as of last year 2015. that shows their reduction in the GDP of the Economies of Top African Countries ie. Nigeria and South Africa this year 2016.

in the world ranking the Top counties with the highest Economy Remains China and Japan ahead of United Kingdom and France.

In August, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s Gross Domestic Product (GDP). But the IMF’s World Economic Outlook for October, puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015. According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at 330.159 dollars while that of Algeria, one of the largest economies on the continent, is put at 168.318 billion dollars.

Read more at: http://www.vanguardngr.com/2016/10/nigeria-remains-africas-biggest-economy-imf/

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