Nigeria GDP. Now fourth in Africa?

[Charles-Tim]

Land borders were opened during Obasanjo and Goodluck Jonathan time. Buhari came and closed the land borders, saying to encourage local products. Inflation started and naira devalued. GDP decreased also as a result of other bad governance.

Nigeria emerge as the strongest economy in Africa during Goodluck Jonathan time. It was still the highest during Buhari time but the GDB significantly reduced.

Recently, to my surprise, I saw Nigeria as the fourth in Africa with well reducrion in GDP on Wikipedia which is not more than $253 billion. Is this correct?

I went to check the Statista and I saw Nigeria GDP to have declined but not down to $253 billion but $394.94 billion. On Statista, it gives estimation up to 2028 and 2024 has not yet finished which makes me think it could just be a guess work or speculation rather than the real estimated value.

[Amphenomenon]

Recently, to my surprise, I saw Nigeria as the fourth in Africa with well reducrion in GDP on Wikipedia which is not more than $253 billion. Is this correct?

I just went to check Wikipedia and Nigeria sits second with a nominal GDP of $390.002 billion https://en.m.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)
But seems like it was just updated 19days ago on Wikipedia base on info closed to the bottom of the link shared by me above.

I went to check the Statista and I saw Nigeria GDP to have declined but not down to $253 billion but $394.94 billion. On Statista, it gives estimation up to 2028 and 2024 has not yet finished which makes me think it could just be a guess work or speculation rather than the real estimated value.

I don't think this is a guess work but maybe a speculation base on their analysis though if we watch their speculation closely till the year ending we might be able to get better understanding how they made this or simply check their past analysis

[Charles-Tim]

I just went to check Wikipedia and Nigeria sits second with a nominal GDP of $390.002 billion https://en.m.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)
But seems like it was just updated 19days ago on Wikipedia base on info closed to the bottom of the link shared by me above.

Nigeria GDP should be around $394 billion. On Statista, the update was on 11th Apr 2024 which was 7 days ago. I think it is accurate. But in short, Egypt is the highest in Africa now but the country has half of the Nigerian population.

[Amphenomenon]

I just went to check Wikipedia and Nigeria sits second with a nominal GDP of $390.002 billion https://en.m.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)
But seems like it was just updated 19days ago on Wikipedia base on info closed to the bottom of the link shared by me above.

Nigeria GDP should be around $394 billion. On Statista, the update was on 11th Apr 2024 which was 7 days ago. I think it is accurate. But in short, Egypt is the highest in Africa now but the country has half of the Nigerian population.

Yes and they are also the third most populated with %7.7 while Ethiopia second with %8.7 and the Nigeria the first with 15.3%.  We can see Nigeria topping these two with almost x2.

Though this shows a positive growth to the economy while things is just still too complicated for we to say it's getting better

[Charles-Tim]

Though this shows a positive growth to the economy while things is just still too complicated for we to say it's getting better

All I am seeing is backwardness. In 2014, Nigeria GDP was around $568 billion. $492 billion in 2016. $376 billion in 2016. $477 billion in 2022. $390 billion in 2023. Now at $394 billion.

This is not encouraging.

[Charles-Tim]

@Amphenomenon

Your link is for 2023 and not 2024.

I am correct about what I posted yesterday.

I have just seen this on Bloomberg which was yesterday news.

Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion.

[Hewlet]

I went to check the Statista and I saw Nigeria GDP to have declined but not down to $253 billion but $394.94 billion. On Statista, it gives estimation up to 2028 and 2024 has not yet finished which makes me think it could just be a guess work or speculation rather than the real estimated value.

the reason why today we are doing well economically and the next day everything goes the opposite direction has been because we don't have a long term plan as a nation. No doubt, the devaluation of the naira has had great impact on companies that depend on imported materials for most of thier activities and so it's possible it will definitely affect there overall performance and in the same process being down our GDP but the truth is that if we have been consistent with how we encourage our local producers such that we depend more on locally made goods and considering the level of skilled man power we have locally already, building a strong plan that will see us as a consistent economic hub of Africa wouldn't be a big deal.

Places like Lagos, Aba, port Harcourt, onisha and all those other areas that all contribute to growing GDP should have been given ultimate attention and the environment made to support commerce but you leave those places like that and you don't want to ensure that we see a reasonable boast in how good we are in terms of locally made goods.

Giant of Africa when ron de comot from first place for most things that one no be better giant be that na.

[Cryptomultiplier]

I went to check the Statista and I saw Nigeria GDP to have declined but not down to $253 billion but $394.94 billion. On Statista, it gives estimation up to 2028 and 2024 has not yet finished which makes me think it could just be a guess work or speculation rather than the real estimated value.

the reason why today we are doing well economically and the next day everything goes the opposite direction has been because we don't have a long term plan as a nation. No doubt, the devaluation of the naira has had great impact on companies that depend on imported materials for most of thier activities and so it's possible it will definitely affect there overall performance and in the same process being down our GDP but the truth is that if we have been consistent with how we encourage our local producers such that we depend more on locally made goods and considering the level of skilled man power we have locally already, building a strong plan that will see us as a consistent economic hub of Africa wouldn't be a big deal.

Places like Lagos, Aba, port Harcourt, onisha and all those other areas that all contribute to growing GDP should have been given ultimate attention and the environment made to support commerce but you leave those places like that and you don't want to ensure that we see a reasonable boast in how good we are in terms of locally made goods.

Giant of Africa when ron de comot from first place for most things that one no be better giant be that na.

The new Bola Ahmed administration thought it was wise to remove subsidy and brought in new reforms that were thought to better the economy after the Naira has been devalued twice, it however failed to acknowledge that before the subsidy be removed, the refineries in the country were to have been functioning to a very good standard, so as to limit the tonnes of crude oil exported.

Also, the new reforms included the CBN mostly and their backlog of debt details that had to be cleared, still, the sudden case against Binance and many Crypto users became more for taxing with as many other hustles facing same without any grants or aids. Naira isn't even as much in circulation as we hoped and as it gains some value against the dollar, it is yet to reflect in the market prices of items and commodity.
It makes sense why this country remains in fourth as given by the IMF, and with as much debt from several places and the world bank, that the future generations won't be able to repay.

[Amphenomenon]

@Amphenomenon

Your link is for 2023 and not 2024.

I am correct about what I posted yesterday.

I have just seen this on Bloomberg which was yesterday news.

Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion.

OH I just noticed this now, I guessed Wikipedia usually update theirs  yearly though Base on this link on wiki, the current GDP is now  $252.73 billion while they still say Nigeria is the second largest economy in Africa https://en.m.wikipedia.org/wiki/Economy_of_Nigeria

Base on the information you provided I can see Nigeria and Egypt rank drop is mainly because of their currency devaluation but do you think this will increase if the value of our currency increases since though we have experience some significant drop but things have not really changed?

[Charles-Tim]

OH I just noticed this now, I guessed Wikipedia usually update theirs  yearly though Base on this link on wiki, the current GDP is now  $252.73 billion while they still say Nigeria is the second largest economy in Africa https://en.m.wikipedia.org/wiki/Economy_of_Nigeria

This was where I initially got the information from: https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Although it is countries of the world but you can easily point out the African countries among rhem before Nigeria.

Base on the information you provided I can see Nigeria and Egypt rank drop is mainly because of their currency devaluation but do you think this will increase if the value of our currency increases since though we have experience some significant drop but things have not really changed?

Currency devaluation will reduce the GDP as it is estimated in dollars.

[Mate2237]

Nigeria was doing well in domestic products and the GDP was good from Obasanjo and Goodluck period of the economy it was when Buhari came dat everything turn upside down and APC came to change the economy from bad to Good. As of last month we have this $253 billion in 2024. IMF said, South Africa will take over the largest economy position in the continent and that will follow by Egypt and Algeria. https://www.google.com/amp/s/nairametrics.com/2024/04/19/nigeria-to-become-africas-fourth-largest-economy-in-2024-imf/%3famp=1

[Charles-Tim]

Nigeria was doing well in domestic products and the GDP was good from Obasanjo and Goodluck period of the economy it was when Buhari came dat everything turn upside down and APC came to change the economy from bad to Good. As of last month we have this $253 billion in 2024. IMF said, South Africa will take over the largest economy position in the continent and that will follow by Egypt and Algeria. https://www.google.com/amp/s/nairametrics.com/2024/04/19/nigeria-to-become-africas-fourth-largest-economy-in-2024-imf/%3famp=1

Land borders were opened during the good days. Buhari closed border and suffering began till today.

[Amphenomenon]

OH I just noticed this now, I guessed Wikipedia usually update theirs  yearly though Base on this link on wiki, the current GDP is now  $252.73 billion while they still say Nigeria is the second largest economy in Africa https://en.m.wikipedia.org/wiki/Economy_of_Nigeria

This was where I initially got the information from: https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Although it is countries of the world but you can easily point out the African countries among rhem before Nigeria.

OH yes, also going through the link shared by you, I noticed that GDP is not really tied to Inflation rate with notably countries Argentina which is the most inflated with about 276% and Egypt with 35.7% while Nigeria with 31.7%  in February base on this info https://nairametrics.com/2024/03/25/top-15-countries-with-the-highest-inflation-rates-in-the-world-as-of-february-2024/ are having a higher ranking in the nominal GDP than
Nigeria.

Base on the information you provided I can see Nigeria and Egypt rank drop is mainly because of their currency devaluation but do you think this will increase if the value of our currency increases since though we have experience some significant drop but things have not really changed?

Currency devaluation will reduce the GDP as it is estimated in dollars.

OH yes, sigh I wonder why I didn't notice this earlier