IMF Ranks Nigeria as World’s 22nd Largest Economy

The International Monetary Fund has ranked Nigeria as the 22nd largest economy in the world.

According to International Monetary Fund’s World Economic Outlook database figures released yesterday, Nigeria’s gross domestic product (GDP) is set to total $1.105trn in 2015, representing a 5% growth from last year.

Despite global falling crude oil prices falling over the last year, Nigeria has defied the negative growth that afflicted several crude-producing countries.

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

Key features of the survey showed that China overtook the United States as the world’s largest economy with a GDP of $19.51trn, India moved into third place due to its 8.3% growth rate that bumped GDP up to $8.02trn and Egypt overtook South Africa as Africa’s second largest economy.

International Monetary Fund statistics as at October 2015

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%)