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Nigeria Now World’s 22nd Largest Economy – IMF

The International Monetary Fund (IMF) has listed Nigeria as the world’s 22nd largest economy in the world.

According to a survey by the IMF, with an annual growth rate of 5% during the course of 2015, Nigeria’s gross domestic product (GDP) is set to total $1.105trn in 2015, representing a 5% growth from last year.

Th report which was published on the website of the global body stated that despite global crude oil prices falling by about three quarters over the last year, Nigeria has defied the negative growth that afflicted several crude-producing countries.

Africa’s two other economies on the list Egypt and South Africa, who were ranked 24th and 30th respectively, enjoyed GDP growth rates of 5.2% and 2.4% respectively.

In terms of growth, Nigeria, was also the sixth highest achiever as only China, India, Egypt, Pakistan and the Philippines recorded higher GDP growth.

Over the last 15 years, Nigeria has enjoyed annual GDP growth rates of about 7% but with crude oil prices falling to about $40 a barrel from over $100 a barrel, it is no surprise that growth has slowed.

Despite this, the economy continues to diversify and the country remains on course to achieve its goal of becoming one of the world’s top 20 economies by 2020.

Below is the list as released by the IMF:

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1. China: US$19.510 trillion (up 7.9% from 2014)
2. United States: $17.968 trillion (up 3.6%)
3. India: $8.027 trillion (up 8.3%)
4. Japan: $4.842 trillion (up 1.6%)
5. Germany: $3.842 trillion (up 2.5%)
6. Russia: $3.474 trillion (down -2.9%)
7. Brazil: $3.208 trillion (down -2.1%)
8. Indonesia: $2.839 trillion (up 5.7%)
9. United Kingdom: $2.660 trillion (up 3.5%)
10. France: $2.647 trillion (up 2.2%)
11. Mexico: $2.220 trillion (up 3.3%)
12. Italy: $2.174 trillion (up 1.8%)
13. South Korea: $1.849 trillion (up 3.7%)
14. Saudi Arabia: $1.681 trillion (up 4.4%)
15. Spain: $1.636 trillion (up 4.1%)
16. Canada: $1.628 trillion (up 2%)
17. Turkey: $1.576 trillion (up 4.1%)
18. Iran: $1.382 trillion (up 1.8%)
19. Australia: $1.137 trillion (up 3.4%)
20. Taiwan: $1.114 trillion (up 3.2%)
21. Thailand: $1.107 trillion (up 3.5%)
22. Nigeria: $1.105 trillion (up 5%)
23. Poland: $1.003 trillion (up 4.5%)
24. Egypt: $996 billion (up 5.2%)
26. Pakistan: $930.8 billion (up 5.3%)
27. Netherlands: $831.4 billion (up 2.8%)
28. Malaysia: $813.5 billion (up 5.7%)
29. Philippines: $742.3 billion (up 7%)
30. South Africa: $724 billion (up 2.4%)

Just about a month ago, IMF asked Nigeria as the Africa’s biggest oil producer and economy to devaluate its naira over the uncertainty trailing its political landscape and economy.

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