GDP: IMF ranks Nigeria 1st in Africa, 26th in the world

Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries.

Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world in the same position with an average $442,976 million.

Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.

Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary from one year to another based on fluctuations in the exchange rates of the country’s currency.

Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.

Nigeria had put in place several measures to improve on the economy by tackling various sectors that has direct impact on the lives of its citizens.

The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling constraints to growth and leveraging on the power of the private sector.

It also initiates the promotion of national cohesion and social inclusion, allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution.

The key principles on which the ERGP stands are focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion.

Others are allowing markets to function and upholding core values that define the Nigerian society.

IMF’s 2020 World Economic Outlook ratings.

Rank Country/Territory – GDP (US$million):

United States – 20,807,269;

China – 14,860,775;

Japan – 4,910,580;

Germany – 3,780,553;

United Kingdom – 2,638,296;

India – 2,592,583;

France – 2,551,451;

Italy – 1,848,222;

Canada – 1,600,264;

South Korea – 1,586,786;

Russia – 1,464,078;

Brazil – 1,363,767;

Australia – 1,334,688;

Spain – 1,247,464;

Indonesia – 1,088,768;

Mexico – 1,040,372;

Netherlands – 886,339;

Switzerland – 707,868;

Saudi Arabia – 680,897;

Turkey – 649,436;

Iran – 610,662;

Poland – 580,894;

Sweden – 529,054;

Thailand – 509,200;

Belgium – 503,416;

Nigeria – 442,976.