IMF ranks Nigeria 1st in Africa on GDP standings

IMF ranks Nigeria 1st in Africa on GDP standings

Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries.

Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world; in the same position with an average of 442,976 million US dollars.

Countries are sorted by nominal GDP estimates from financial and statistical institutions; which are calculated at market or government official exchange rates by the IMF.

Nominal GDP does not take into account differences in the cost of living in different countries; and the results can vary from one year to another based on fluctuations in the exchange rates of the country’s currency.

Such fluctuations may change a country’s ranking from one year to the next; though they often make little or no difference in the standard of living of its population.

Nigeria had put in place several measures to improve the economy; by tackling various sectors that have a direct impact on the lives of its citizens.

The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development; by tackling constraints to growth and leveraging the power of the private sector.

It also initiates the promotion of national cohesion and social inclusion; allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution.

The key principles on which the ERGP stands are focused on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion.

Meanwhile, the Christian Association of Nigeria (CAN), on Monday, December 28, criticised the Presidency and the Muslim Rights Concern (MURIC) for misconstruing the Christmas message delivered by Bishop of Sokoto Catholic Diocese, Most Reverend Father Mathew Hassan Kukah.

This was contained in a statement issued by the CAN Vice-Chairman Rev John Joseph Hayab.

Hayab described those castigating the Christmas message of Bishop Kukah, as sectional zealots who see the trouble in Nigeria from their primordial views.

The CAN further stated that it was shocked at attempts to further divide the nation by the Presidency; and the leadership of MURIC and other individuals and groups; aimed at twisting the crux of the homily Bishop Kukah gave at Christmas.

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It, therefore, condemned in its entirety the misleading and inciting statements of MURIC and its likes; calling on the international community; as well as the local community to particularly counsel Prof Akintola of MURIC to learn to walk the path of honour and not be a merchant of crisis.

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