Nigeria is Africa’s biggest economy – IMF

nigeria-economy-imf-renewnaijaIMF’s World Economic Outlook for October 2016 reveals Nigeria as the biggest economy in Africa ahead of South Africa and Egypt in second and third place respectively.

According to the IMF, Nigeria’s GDP is at 415.08 billion dollars, from 493.83 billion dollars in 2015. Nigeria’s real GDP is expected to increase marginally by 0.6% with Consumer Prices rising by 17.1% also, Fitch ratings on the other hand, also projected a 2.6% growth in Nigeria’s GDP for 2017.

The rating agency also increased Nigeria’s average CPI forecast for 2016 to 14% from 11% and expects the government to secure financing from multilateral development banks and bilateral sources.

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