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

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 the Gross Domestic Product (GDP) of each country, IMF ranked Nigeria among the first 26 countries in the world in the same position, with an average 442,976 million U.S. dollars.


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 which have direct impact on the lives of its citizens.


The Economic Recovery Growth Plan (ERGP) of the Federal Government aims to tackle the key challenges to economic development by addressing 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, as well as 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)

  1. United States of America 20,807,269
  2. China 14,860,775
  3. Japan 4,910,580
  4. Germany 3,780,553
  5. United Kingdom 2,638,296
  6. India 2,592,583
  7. France 2,551,451
  8. Italy 1,848,222
  9. Canada 1,600,264
  10. South Korea 1,586,786
  11. Russia 1,464,078
  12. Brazil 1,363,767
  13. Australia 1,334,688
  14. Spain 1,247,464
  15. Indonesia 1,088,768
  16. Mexico 1,040,372
  17. Netherlands 886,339
  18. Switzerland 707,868
  19. Saudi Arabia 680,897
  20. Turkey 649,436
  21. Iran 610,662
  22. Poland 580,894
  23. Sweden 529,054
  24. Thailand 509,200
  25. Belgium 503,416
  26. Nigeria 442,976

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