Nigeria To lose Its Position as the 3rd Largest Economy In Africa

The IMF predicts Nigeria will lose its position as Africa’s third-largest economy to Algeria in 2024 due to slow growth, inflation, and a weakened Naira.

Macroeconomic Issues: Persistent inflation, currency depreciation, and a challenging business environment are hindering growth.

Economic reforms initiated in May 2023, including a floating Naira and subsidy removal, aim to address these issues.

Egypt’s Economic Landscape:

Egypt has actively sought IMF support and implemented reforms like currency devaluation to attract investment and address economic difficulties.

The IMF expects Egypt to surpass South Africa as Africa’s largest economy by 2027