Naira remains 50% weaker against U.S dollar as Economy Slips to 4th In Africa’s Rankings

Date:

  • “Nigeria’s Economy Set to Slip to Fourth Place in Africa’s Rankings”
  • “Egypt to Overtake Nigeria as Africa’s Largest Economy by 2027”
  • “Currency Devaluations Push Nigeria Down in Economic Size”
  • “President Tinubu’s Reforms Struggle to Stabilize Nigeria’s Naira”
  • “South Africa Retains Economic Lead Amidst Rand Stability”

Once hailed as Africa’s largest economy, Nigeria is poised to relinquish its top spot and fall to fourth place this year. Egypt, which held the top position in 2023, is anticipated to slide to second place behind South Africa due to a series of currency devaluations.

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According to the IMF’s World Economic Outlook, Nigeria’s gross domestic product is estimated at $253 billion this year, trailing behind Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.

While Nigeria is projected to maintain its position as the continent’s largest economy until 2027, Egypt is expected to reclaim the top spot during that time, with Nigeria remaining in fourth place for the foreseeable future.

Both Nigeria and Egypt have faced economic challenges, including high inflation and significant currency devaluations. Since assuming office, President Bola Tinubu has implemented reforms such as currency floatation, removal of fuel subsidies, and efforts to address dollar shortages. Despite recent improvements, the Nigerian naira remains 50% weaker against the dollar compared to its value before Tinubu’s presidency.

Egypt, considered one of the most indebted emerging countries and a significant borrower from the IMF, devalued its currency by over 35% to facilitate additional loans from international institutions like the IMF.

In contrast, South Africa’s rand has seen a relatively modest 4% depreciation against the dollar this year, with its economy expected to benefit from improvements in energy supply and initiatives to address logistical challenges.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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