Headline : IMF forecasts Nigeria’s economy drop to fourth largest in Africa

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Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook as reported by Bloomberg, estimated the country’s gross domestic product at $253 billion based on current prices this year, behind North African powerhouses Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.

The report added that South Africa will remain the continent’s largest economy until Egypt reclaims the mantle in 2027.  Nigeria however is expected to remain in fourth place for years to come, the data released this week shows.

Nigeria has been battling economic challenges since President Bola Tinubu announced significant policy reforms including the end of the subsidy regime and the devaluation of the Naira. Despite a recent rebound, the currency is still 50% weaker against the greenback than it was before taking office after two currency devaluations.

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