ABUJA — Nigeria now ranks as the fourth largest economy in Africa, sliding down from the second spot as reported last year. This shift in economic standings comes amid significant economic changes across the continent, where Egypt and Algeria have overtaken Nigeria in gross domestic product rankings.

According to Burkina Information Agency, South Africa remains the continent’s leading economy with a GDP of $373 billion in 2024. Egypt follows closely with a GDP of $348 billion, while Algeria has moved up to third place, boasting a GDP of $267 billion. Nigeria’s economy is currently valued at $253 billion.

In 2023, the economic landscape was quite different, with South Africa leading at nearly $400 billion, Nigeria at $395 billion, Egypt at $358 billion, and Algeria at $239 billion. The report highlights that high inflation and currency depreciation have notably impacted the economies of Egypt and Nigeria. Conversely, Algeria has seen economic gains from strong global demand for its oil and natural gas resources.

The IMF also projects that Egypt will surpass South Africa by 2027 to become the top economy in Africa. However, Nigeria is expected to maintain its fourth-place position in the foreseeable future.