Despite recession, IMF projects Nigeria as Africa’s largest economy – by far
Despite Nigeria facing its worst economic recession in 29 years, the International Monetary Fund (IMF) has projected the country as the biggest economy in Africa — ahead of South Africa and Egypt.
In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).
“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC wrote in August.
“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg said.
Latest estimates from the IMF however put Nigeria’s GDP at $415.080 billion for 2016, from $493.831 billion at the end of 2015.
While the 2015 figure is actual, the one for 2016 is a projection.
The IMF World Economic Outlook for October 2016 projects South Africa’s GDP at $280.367 billion, down from the actual of $314.732 billion a year earlier.
Egypt’s 2016 data was reported as not available, but its 2015 size remained at $330.159 while that of Algeria, one of the largest economies on the continent, was put at $168.318 billion.
The United States, China and Japan maintained their spots as the largest economies in the world, with projected GDPs of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively for 2016.
These countries are being trailed by Germany, United Kingdom and France in that order.
Christine Lagarde, managing director of the IMF, said at the just concluded World Bank/IMF meetings that global growth had been too slow for too long.
“We continue to face the problem of global growth being too low for too long, benefiting too few,” she said after the world economic outlook was published.
The world expects an economic growth of 3.1 percent in 2016, reviewed from 3.4 percent.
This is a very erroneous report.
IMF was clearly showing you Nigeria’s economic size AS AT DECEMBER 2015. Estimates from IMF in December 2015 put Nigeria at $ 415 billion. At that time it was Naira 197 – $ 1.00.
You cannot then use these same estimate to benchmark against today’s rankings. At this moment, Naira is 315 to a dollar which brings Nigeria’s GDP to somewhere around $ 279 billion.
Why not read the IMF report and stop hitting your head against the wall? The IMF figure is 2016 estimate. It is clearly stated there. Click the link.
As you say,it clearly states- estimates by IMF staff. ESTIMATE is different from ACTUAL. Nigeria’s GDP has contracted for two quarters in 2016. You will agree when IMF corrects it in 2016 December. an Nigeria be Africa’s biggest economy? YES. Is it at the moment? NO. There is no need to sell falsehood as success. Its better to prove ourselves and make a true success of the nation.
Dear Watcher, why are you so angry that IMF is projecting Nigeria as the biggest economy? This report was released in October 2016, so you can’t be talking about estimates for 2015 again! They tabulated it, with 2015 in one column and 2016 in another. People like you can easily fail exam o. You won’t read the instructions and just begin to answer. LOL.
IMF has been deceiving you guys since GEJ’s days. They make you celebrate non existent success. The challenge is most of you guys cannot simply calculate these figures for yourself, so you peddle falsehood. reminds me of the saying “every mistake in London, is a style in Nigeria.”
don’t mind them. we are pining for praises from the likes of IMF like our lives depend on it. we just love the praises no matter where they come from. we are an unserious bunch. can anyone in their sane minds compare SA economy with Nigeria? why do we have the Shoprites, DTSV, MTNs here? SA is virtually colonizing us yet we just want to experience the momentary orgasm of some global body saying ours is the BIGGEST economy? what have we done with that size? does it pay our bills? pls ignore these foolish Nigerians
It is clear from the reports that despite tough times in the nation, it also serves as an opportunity for growth with prudent managemnetof men and resourcess. Of cos i know where the likes of the watcher,who are so bitter are coming from but the nation is bigger than you all.God bless our Nigeria.
You are mistaken my friend. I believe in Nigeria. But I know that greatness does not come through BACKDOOR estimates from IMF that defy reality. Thats how they Lied to us in GEJ days and few months later our economy was crashing. Now they are lying to us again so that they can lend us more money…. Open your eyes friend. Nigeria can grow without IMF. when our economy becomes as large as we claim, it will be evident for all to see