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Nigeria to drop from 1st to 4th largest economy by end of 2024, says IMF

In a report by the International Monetary Fund (IMF), Nigeria is forecasted to relinquish its position as Africa’s largest economy and drop to the fourth spot by the end of 2024.



The IMF projects that Nigeria would fall behind South Africa, Egypt, and Algeria in terms of GDP, with an estimated GDP of $253 billion.







This revelation surfaced in a report disclosed by AfreximBank on X, underscoring the impending economic challenges facing Nigeria.



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However, this report attributes the downward trend in leadership of Chief Bola Ahmed Tinubu, whose harsh economic policies have led to a mass exodus of international companies from Nigeria.






Despite efforts to stimulate growth and attract foreign investment, Nigeria faces formidable obstacles in maintaining its position as a leading economic powerhouse on the African continent.