The economy of Nigeria falls to fourth place, trailing South Africa, Egypt, and Algeria
Nigeria finds itself in the fourth position among African economies, with South Africa, Egypt, and Algeria leading the pack, as per a recent forecast from the International Monetary Fund.
Recent estimations from the World Economic Outlook of the Washington-based bank suggest that Nigeria's gross domestic product stands at $253 billion based on current prices this year, placing it behind Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.
South Africa, Africa's most industrialized nation, is set to uphold its status as the continent's largest economy until Egypt takes over in 2027, according to IMF projections. Nigeria is expected to hold onto its fourth-place position for the foreseeable future.
Nigeria and Egypt are facing economic challenges such as high...