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Nigeria loses title as Africa's largest economy, slips to fourth place behind South Africa, Egypt and Algeria

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Africa’s most industrialised nation (South Africa) will stay the continent’s largest economic system till Egypt reclaims the mantle in 2027. In response to the IMF’s projection, Nigeria is predicted to stay in fourth place for years.

Nigeria and Egypt’s fortunes have dimmed as they take care of excessive inflation and a foreign money plunge.

President Ahmed Tinubu introduced the floating of the naira in June final yr, scrapping pricey vitality and gasoline subsidies and taking steps to deal with greenback shortages.

Within the first quarter of 2024, the naira was additional devalued towards the greenback.

In the meantime, in March, the naira recorded a 50 per cent acquire towards the greenback.

Equally, Egypt, one of many rising world’s most-indebted nations and the IMF’s second-biggest borrower after Argentina, has additionally allowed its foreign money to drift, triggering an nearly 40 per cent plunge within the pound’s worth towards the greenback final month to draw funding.

By RemmyTex

Remmytex is a blogger, promoter, entrepreneur and and a businessman. Call or send a Whatsapp message for more information on +2349075664854 or you can email remmytexblog1@gmail.com