The International Monetary Fund (IMF) predicts Nigeria will overtake Algeria as Africa’s third-largest economy in 2026, with a projected GDP of $334 billion. This growth is driven by increased oil production, improved foreign exchange liquidity, and ongoing economic reforms, including petrol subsidy removal and exchange-rate liberalisation.
In 2025, Nigeria’s GDP stood at $285 billion, ranking fourth in Africa behind South Africa ($426 billion), Egypt ($349 billion), and Algeria ($288 billion). However, the IMF forecasts Nigeria’s economic output will rebound, surpassing Algeria’s $284 billion GDP in 2026.
The IMF has revised Nigeria’s growth forecast upward to 4.4% for 2026, citing recent reforms and improved economic prospects. The World Bank shares this optimism, projecting a similar growth rate.
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