Nigeria remains Africa’s Biggest Economy – IMF

Recent estimates by the International Monetary Fund, (IMF) has shown that Nigeria remains the biggest economy in Africa, followed by South Africa and Egypt.

The estimate in a World Economic Outlook for October 2016 which put Nigeria’s Gross Domestic Product (GDP) at $415.080 billion, from $493.831 billion at the end of 2015 also put that of Africa at $280.367 billion, from $314.732 billion a year earlier and that of Egypt remained at $330.159 as at 2015.

Recall that in August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).

“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August.

“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.

The estimates indicated that while the United States, China and Japan maintained remained the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively, that of Algeria, one of the largest economies on the African continent was put at $168.318 billion.

Nigeria remains Africa’s Biggest Economy – IMF

Recent estimates by the International Monetary Fund, (IMF) has shown that Nigeria remains the biggest economy in Africa, followed by South Africa and Egypt.

The estimate in a World Economic Outlook for October 2016 which put Nigeria’s Gross Domestic Product (GDP) at $415.080 billion, from $493.831 billion at the end of 2015 also put that of Africa at $280.367 billion, from $314.732 billion a year earlier and that of Egypt remained at $330.159 as at 2015.

Recall that in August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP).

“A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August.

“Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.

The estimates indicated that while the United States, China and Japan maintained remained the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively, that of Algeria, one of the largest economies on the African continent was put at $168.318 billion.

Ambode reshuffles cabinet, drops three commissioners

Lagos State Governor, Mr Akinwunmi Ambode on Wednesday effected a reshuffle of his cabinet, with the dropping of the Commissioners for Tourism- Mr Folorunsho Folarin-Coker; Finance, Dr. Mustapha Akinkunmi and Transportation, Dr. Ekundayo Mobereola.

This development comes exactly one year after the Governor constituted his Executive Council, precisely on October 19, 2015.

In a statement signed by the Secretary to the State Government, Mr Tunji Bello, the Governor also directed the Special Adviser, Arts and Culture to take over as the Acting Commissioner for Ministry of Tourism and Culture, Special Adviser on Transportation will take over as Acting Commissioner for Transportation while the Permanent Secretary in the Ministry of Finance takes over as the Acting Commissioner for Finance pending the appointment of new Commissioners in the respective ministries.

The Statement adds that the Governor expresses his appreciation to the former Commissioners for their service to the State and wished them well in their future endeavours.