Yemisi Izuora
According to the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries, Nigeria has been rated first among other African countries.
Using countries’ GDPs, IMF ranked Nigeria is among the first 26 countries in the world in the same position with an average $442,976 million.
Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates
Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary from one year to another based on fluctuations in the exchange rates of the country’s currency.
Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.
Nigeria had put in place several measures to improve on the economy by tackling various sectors that has direct impact on the lives of its citizens.
The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling constraints to growth and leveraging on the power of the private sector.
It also initiates the promotion of national cohesion and social inclusion, allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution.
The key principles on which the ERGP stands are focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion
Others are allowing markets to function and upholding core values that define the Nigerian society.
Others are allowing markets to function and upholding core values that define the Nigerian society.
According to IMF’s 2020 World Economic Outlook ratings, Rank Country/Territory GDP (US$million) are in the following order, United States 20,807,269, China 14,860,775, Japan 4,910,580, Germany 3,780,553, United Kingdom 2,638,296 and.India 2,592,583.
Others are France 2,551,451, Italy 1,848,222, Canada 1,600,264, South Korea 1,586,786, Russia 1,464,078, Brazil 1,363,767, Australia 1,334,688, Spain 1,247,464, Indonesia 1,088,768, Mexico 1,040,372, Netherlands 886,339 and Switzerland 707,868.
The rest are Saudi Arabia 680,897, Turkey 649,436, Iran 610,662, Poland 580,894, Sweden 529,054, Thailand 509,200, Belgium 503,416 and Nigeria 442,976.