Nigeria remains Africa’s largest economy, says World Bank

Nigeria Remains Africa's Largest Economy, Says World Bank

Nigeria has maintained its position as Africa's largest economy, with a GDP of $477.38 billion in 2023, according to the World Bank. This is largely driven by the country's significant oil exports, making its economy sensitive to fluctuations in global oil prices.

However, Nigeria also has a thriving services industry and a young population, presenting opportunities for diversification and growth. The World Bank has been supporting Nigeria's efforts to promote economic growth and reduce poverty through various initiatives.

Interestingly, the International Monetary Fund (IMF) reports that Nigeria's GDP per capita has decreased to $835.49 in 2025, further shrinking the living standards of Nigerians. Despite this, the country remains a significant player in the African economy.

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