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

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    Nigeria's coat of arm rests on a platform at Tafawa Balewa Square in Lagos on September 20, 2012. Nigeria's coat of arm is a symbol signifying the authority, dignity, strength, unity and worth of the nation. The AFP PHOTO/PIUS UTOMI EKPEI. (Photo credit should read PIUS UTOMI EKPEI/AFP/GettyImages)

    By Ismail Abdulaziz

    Abuja, Dec. 28, 2020 Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries.

    Using countries’ GDPs, 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 that has direct impact on the lives of its citizens.

    The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling 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 and 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 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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