Nigeria has fallen to fourth position among Africa's largest economies, according to fresh 2024 figures from the International Monetary Fund (IMF), spotlighted by Afreximbank Research.
South Africa now leads with a projected GDP of $400.19 billion, followed by Egypt ($383.11 billion) and Algeria ($264.91 billion), buoyed by strong public investment and hydrocarbon revenues.
Nigeria trails with a GDP of $187.64 billion, reflecting the ongoing toll of inflation, currency instability, and deep macroeconomic imbalances.
Despite its vast resources and large population, Nigeria's economic growth is projected to slow further to 3.0% in 2025 and 2.7% in 2026 amid persistent global and local challenges.
The latest IMF rankings show Morocco in fifth place, while Ethiopia, Kenya, Angola, Côte d'Ivoire, and Ghana complete Africa's top 10 economies.
Afreximbank noted that the shifting landscape offers vital lessons for policymakers and investors, with North and East Africa emerging as rising economic hubs.
