Nigeria is set to overtake South Africa and reclaim its spot as the biggest economy in Africa at the end of the year.
In its latest report, the International Monetary Fund projects that Nigeria’s Gross Domestic Product will hit $415.08bn at the end of this year, from $493.8bn, its value at the end of last year.
Its also forecast that South Africa’s GDP will hit $280.37bn for this year, down from $314.7bn it actually recorded a year ago.
Nigeria lost its position as the biggest economy on the continent to South Africa in August this year after the recalculation of the nation’s GDP.
