The International Monetary Fund (IMF) has projected Nigeria’s Gross Domestic Product (GDP) to reach $199.72 billion by the end of 2024.
The IMF reported this in its latest World Economic Outlook (WEO) for October 2024.
This would position the country as the fourth largest economy in Africa, trailing behind South Africa, Egypt, and Algeria.
South Africa is expected to maintain its lead as the continent’s largest economy with a GDP of $403.05 billion, followed by Egypt with $380.04 billion, and Algeria with $260.13 billion.
Nigeria’s projected GDP value would secure its position as a major player in the African economic landscape, even though it has dropped from its previous standing as the largest economy on the continent.
According to the IMF projections, the top ten economies in Africa includes:
1. South Africa — $403.05 billion
2. Egypt — $380.04 billion
3. Algeria — $260.13 billion
4. Nigeria — $199.72 billion
5. Morocco — $157.09 billion
6. Ethiopia — $145.03 billion
7. Kenya — $116.32 billion
8. Angola — $113.29 billion
9. Tanzania — $79.87 billion
10. Ghana — $75.31 billion
While Nigeria’s economy has faced significant challenges over the past years, including inflationary pressures, fluctuating oil prices, and the impacts of global economic downturns, it remains a key player in sub-Saharan Africa.
The IMF’s projection displays Nigeria’s critical role in the region, but it also signals the urgent need for reforms to solidify its standing in the face of growing competition from other emerging economies on the continent.
However, the Tinubu administration has been addressing Nigeria’s economic challenges through a series of reforms aimed at improving fiscal management, boosting investor confidence, and diversifying the economy away from its traditional dependence on oil, including the fuel subsidy removal, tax reforms, unification of exchange rates among others.