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Claim: Several Facebook users have claimed that Nigeria has the largest economy in Africa.
Verdict: FALSE. Available data reveal that Egypt led the chart in 2023/2024, while Nigeria is third in Africa. Projections from the International Monetary Fund (IMF) also indicate that South Africa will head 2024 as the leading country, while Nigeria will plunge to fourth.
Full Text
Nigeria’s recent economic decline is attributed to some economic policies, including the removal of fuel subsidies and a shift to a market-determined exchange rate. According to the National Bureau of Statistics (NBS), as of August 2024, living costs and inflation have increased to 32.15%.
The country’s heavy reliance on oil exports accounts for 74.98% of total exports in 2024’s second quarter. This is valued at approximately N14.56 trillion, with the oil and gas sector contributing about 89% of total exports.
The reality experienced by Nigerians made viral claims by different Facebook users praising the country as Africa’s largest economy newsworthy. For instance, Edward Wonder said, “Nigeria boasts of the largest economy in Africa, with a diverse market of over 200 million people.” As of Nov. 5, 2024, the reel had gained over 9,600 reactions, 511 comments, and 413 reshares since March 11, 2024.
The claim was also made here, here, here, and here. The reality of the country’s current economic crisis, evidenced by reports on credible media organisations, cast doubt on the information and prompted DUBAWA to fact-check the claim.
Verification
We used DUBAWA ChatBot, an information-verification AI-driven tool, to fact-check the claim. It disclosed that the claim is false, as other countries stay ahead of Nigeria based on the measurement of Gross Domestic Product (GDP).
In 2023, the World Bank disclosed that Nigeria’s GDP ranks third at $362.81 billion. Egypt ($395.93 billion) and South Africa ($377.78 billion) occupy first and second, respectively.
While 2024 draws to a close, there is no hope in sight for the “largest economy in West Africa” to end the calendar year up top, as predictions from the International Monetary Funds (IMF) indicate that Nigeria will fall to fourth. South Africa will soar to first, switching positions with Egypt. Algeria is expected to climb to third with $267 billion, more than Nigeria’s $253 billion at fourth.
Nigeria last led in Africa in 2016, when the country’s GDP shrank from $404.6 billion to $375.8 billion in 2017. Meanwhile, data from the World Bank revealed that South Africa’s GDP rose from $323.6 billion in 2016 to $381.5 billion the following year.
Conclusion
While Nigeria’s economy is among the best in Africa, other countries with larger economies based on GDP measurement exist. Therefore, the claim is false.
