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IMF ranks Nigeria largest economy in Africa

Despite falling into recession due to Covid-19 pandemic, the International Monetary Fund (IMF) has ranked Nigeria’s economy as the largest in Africa and 26 globally.
IMF in its 2020 World Economic Outlook rated Nigeria’s economy to be worth 442.976 billion U.S. dollars.
Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary from one year to another based on fluctuations in the exchange rates of the country’s currency.

Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.
Nigeria had put in place several measures to improve on the economy by tackling various sectors that has direct impact on the lives of its citizens.
The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling constraints to growth and leveraging on the power of the private sector.
It also initiates the promotion of national cohesion and social inclusion, allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution.
The key principles on which the ERGP stands are focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion
Others are allowing markets to function and upholding core values that define the Nigerian society.
IMF’s 2020 World Economic Outlook ratings.
Rank Country/Territory GDP (US$million)
1. United States 20,807,269
2. China 14,860,775
3. Japan 4,910,580
4. Germany 3,780,553
5. United Kingdom 2,638,296
6. India 2,592,583
7. France 2,551,451
8. Italy 1,848,222
9. Canada 1,600,264
10. South Korea 1,586,786
11. Russia 1,464,078
12. Brazil 1,363,767
13. Australia 1,334,688
14. Spain 1,247,464
15. Indonesia 1,088,768
16. Mexico 1,040,372
17. Netherlands 886,339
18. Switzerland 707,868
19. Saudi Arabia 680,897
20. Turkey 649,436
21. Iran 610,662
22. Poland 580,894
23. Sweden 529,054
24. Thailand 509,200
25. Belgium 503,416
26. Nigeria 442,976

Written by ExpressDay

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