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The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy.
According to the IMF World Economic Outlook, South Africa, is the most industrialized country on the African continent and its reaching towards achieving $401 gross domestic product (GDP) in 2024.
The global financial institution, however, envisioned that based on current prices, Nigeria and Egypt have GDPs of $395 billion and $358 billion respectively.
IMF further noted that South Africa is billed to top the chart for a year before it once again trails Nigeria.
According to the report, South Africa may further plummet to third place behind Egypt in 2026.
This is coming as the Nigerian President, Bola Tinubu has taken some significant policy changes, coupled with a decline in the production of oil compelling Nigerians to grapple with inflation and a plunge in the value of the naira.
