Nigeria Overtakes South Africa As Africa's Biggest Economy: IMF

But the IMF’s World Economic Outlook for
October, puts Nigeria’s GDP at 415.08 billion
dollars, from 493.83 billion dollars in 2015,
while South Africa’s GDP was put at 280.36
billion dollars, from 314.73 billion dollars in
2015.
According to the report, Egypt’s 2016 data is
not available, but its 2015 size remained at
330.159 dollars while that of Algeria, one of
the largest economies on the continent, is put
at 168.318 billion dollars.
The United States, China and Japan maintain
their spots as the largest economies in the
world, ahead of Germany, United Kingdom and
France.
According to a review in September, the
current economic recession will outlast 2016,
with a Gross Domestic Product (GDP)
contraction of 1.7 per cent.
The IMF had predicted that Nigeria’s economy
would grow away from a recession in 2017.
The country last witnessed a recession, for
less than a year, in 1991, and experienced a
prolonged one that started in 1982 and lasted
until 1984.
President Muhammadu Buhari’s
administration has so far disbursed over N700
billion in capital expenditure this year, part of
a record N6.06 trillion (30 billion dollars)
budget for 2016.

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