The International Monetary Fund (IMF) has listed Nigeria as the biggest economy in Africa, due to its Gross Domestic Product (GDP). This is despite the negative impact of the coronavirus on world economies.
The organisation which made this known in its World Economic Outlook (WEO), also ranked the country as the 26th largest economy in the world.
The computation by the IMF, was based on nominal GDP, which does not take into account differences in the cost of living in different countries.
The IMF had in a post said that “The COVID-19 global pandemic is exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.
“Low oil prices and sharp capital outflows have significantly increased balance of payments (BOP) pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment.
Despite maintaining it’s lead on the continent, the organization has advised the Federal Government to continue with policies that will improve the economy more.
