Nigeria’s economy has taken a significant hit, slipping from its long-held position as Africa’s largest economy to a disappointing fourth place.
The latest data from the IMF World Economic Outlook, April 2024, reveals a stark decline in Nigeria’s GDP, with the country’s economic performance plummeting behind South Africa, Egypt, and Algeria.
In an exclusive interview with Africa Health Report, (AHR), Economist lecturer at the University of Abuja, Dr. Isah Muhammed discussed the implications of this economic downturn, saying, “Nigeria’s fall from grace in the African economic landscape is a cause for serious concern. The decline in GDP not only reflects poorly on the country’s economic policies but also raises questions about its future growth prospects.”
The figures paint a grim picture for Nigeria, with its GDP estimated at $252.7 billion in 2024, a significant drop from $568.5 billion in 2014. This sharp decline has not only impacted the country’s standing among African economies but also raises concerns about the well-being of its citizens and the overall stability of the nation.
Muhammed further emphasized, “The economic fallout experienced by Nigeria will have far-reaching consequences for its population, leading to potential job losses, reduced investment opportunities, and a decline in living standards,” he said. “It is imperative for the government to take immediate and decisive action to address these challenges and steer the country back on the path to economic recovery.”
As Nigerians grapple with the harsh realities of this economic setback, there is a pressing need for swift and effective measures to revitalise the economy and restore the country’s position as a key player in the African economic landscape.
