IMF affirms Nigeria as Africa’s biggest economy, ahead of South Africa and Egypt

In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).

“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August. But according to TheCable, latest estimates from the IMF however put Nigeria’s GDP at $415.080bn, from $493.831bn at the end of 2015.
The IMF World Economic Outlook for October 2016 puts South Africa’s GDP at $280.367bn, from $314.732bn a year earlier. The U.S, China and Japan maintained their spots as the largest economies in the world, with a GDP of $18.561tn, $11.391tn and $4.73tn respectively. Crdt: ThisDay