Share
Olugbemi. Adeyinka Ogunleye
1 week ago
Overview
Nigeria Reclaims Position as Africa’s Largest Economy
Less than a year after falling to fourth place, Nigeria has regained its status as Africa’s largest economy, just two weeks after reclaiming its position as the continent’s top oil upstream hub.
With a GDP of $450 billion and a per capita income of $2.20, Nigeria has surpassed South Africa ($360 billion), followed by Egypt ($300 billion) and Algeria ($170 billion). Other major African economies include Morocco ($120 billion), Kenya ($99 billion), Angola ($92 billion), Ethiopia ($91 billion), Ghana ($67 billion), and Tanzania ($62 billion).
World Bank Country Director for Nigeria, Dr Ndiamé Diop, credited the rebound to macroeconomic reforms, including exchange rate adjustments and improved foreign exchange access, which have bolstered growth.
Credit: NOA
