The International Monetary Fund (IMF) has said that Nigeria maintained its lead as the biggest economy in Africa. It is based in terms of the dimensions of the country’s Gross Domestic Product (GDP). But globally, the IMF, in its recent release World Economic Outlook (WEO), ranked Nigeria as the 26th largest economy, with a mean GDP of $442.976 billion.
The computation supported nominal GDP, which doesn’t take under consideration differences within the cost of living in several countries. The IMF, recently returned a dark verdict on the Nigerian economy for 2020, declaring that the nation’s economic outlook was challenging. The multilateral institution, in its recently released 2020 Article IV Consultation on Nigeria stated that the country’s economy “is buffeted” from side to side by a cocktail of issues. It also included the uncertainty over the COVID-19 pandemic, low oil prices, capital outflows and balance of payment challenges.
Data source: All Africa news