Nigeria becomes first country with best GDP in Africa, rates IMF

Nigeria has been rated as the best economy in Africa based on the Gross Domestic Product (GDP), according to a report by Economic Confidential.

Rated by the International Monetary Fund (IMF), the country has emerged as the best country with GDP in Africa. Nigeria also embarked the rank in the world's top 26 economies with an average of $442,976 GDP, as per the report.

As per the reported ratings by IMF, the United States (US) stands first with $20,807,269, followed by China in the second place with $14,860,775, and Japan on the third $4,910,580, Germany on fourth with $3,780,553 followed the United Kingdom (UK) in the fifth place with $2,638,296.While others are India $2,592,583, France $2,551,451, Italy $1,848,222 and Canada $1,600,264. Nigeria embarked the 26th place $442,976 led by Belgium with $503,416.

Reportedly, the countries as per the ratings are sorted by nominal GDP calculations from financial and statistical institutions calculated at government official exchange rates or market.

However, in Nigeria, the Federal Government had undertaken several steps to improve the negative impact of the pandemic on the lives of its people by tackling various sectors, it reported.

IMF stated, "under current policies, the outlook is challenging. Real GDP is projected to contract by 3¼ per cent in 2020. The recovery is projected to start in 2021, with subdued growth of 1½ per cent and output recovering to its pre-pandemic level only in 2022".

The government's plan of the Economic Recovery Growth Plan (ERGP) aimed to tackle development by aiding economical constraints to growth and leverage in the private sector, as per the report.