While Nigeria is regarded by some critics as tending towards a failed state, a recent rating however states the contrary.
The last rating of Countries released for 2020 placed Nigeria in the 25 Top Countries by Nominal Gross Domeatoc Products (GDP) at Current U.S. Dollar Exchange Rates.
Nigeria is the only African economies listed in the global top 25 economies, sitting in number 25.
The country moved from its 46th place in 2000 all the way to 25th in 2019 ranking.
The 2019 nominal GDP was deployed as the covid-19 pansemic had eroded all statistics for 2020.
According to the latest release published by Investopedia and Wikipedia which was lasted updated on 24th December 2020, Nigeria’s 2019 Nominal GDP in current U.S dollars stood at $448.12 billion.
The 2019 Purchasing Power Parity (PPP) Adjusted GDP in Current International Dollars stood at $1.08 trillion. The 2019 GDP Growth rate was also put at 2.2%.
The two organosations also placed Nigeria’s 2019 Nominal GDP Per Capita in Current U.S. Dollars at $2,230.
In its analysis, Investopedia.com described Nigeria as one of the largest economies in Africa.
While stating that the country’s economy had grown in the rapidly in the past decades, the organisation was quick in pointing out the impact of corruption in government, desertification and lack of infrastructure as major challenges.
It stated, “One of the largest economies in Africa, Nigeria’s economy relies heavily on the oil industry. Nigeria is the largest oil exporter on the continent and also has Africa’s largest reserves of natural gas.
Other resource extraction industries, such as coal, tin, and other metal mining, are also important to the Nigerian economy. While oil dominates in terms of contribution to GDP and exports, between a fifth and a half of Nigerians work in agriculture, mostly small-scale subsistence agriculture.
Nigeria’s economy has grown rapidly in the past decades, but it also faces significant challenges such as desertification, lack of infrastructure, and government corruption.
GDP in Current U.S. Dollars is the most basic and common way of measuring and comparing GDP between countries, using local prices and currencies converted into U.S. dollars using currency market exchange rates.
GDP is an estimate of the total value of finished goods and services produced in a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy.
GDP is most commonly measured by using the expenditure method, which calculates GDP by adding up spending on new consumer goods, new investment spending, government spending, and the value of net exports (exports minus imports).
The ranking has United States sitting on top of the prymaid as number one economies in the world with 2019 Nominal GDP in Current U.S. Dollars of $21.43 trillion.
China is next with 2019 Nominal GDP in Current U.S. Dollars at $14.34 trillion..
Japan comes third in the 2019 Nominal GDP in Current U.S. Dollars with $5.08 trillion, the fourth position goes to Germany with Germany with $3.86 trillion in the 2019 Nominal GDP in Current U.S. Dollars.
India is sitting in the fifth position in the 2019 Nominal GDP in Current U.S. Dollars with $2.87 trillion. The sixth position goes to United Kingdom with $2.83 trillion. France is in the seventh position with $2.72 trillion.
Italy occupies eighth position with $2.00 trillion while the South American leading economy, Brazil occupies ninth position with $1.84 trillion.
Canada is in the tenth position with 2019 Nominal GDP in Current U.S. Dollars in $1.74 trillion, with Russia closely following in the eleventh position with 2019 Nominal GDP in Current U.S. Dollars in the region of $1.70 trillion.
South Korea is sitting on the twelveth position with $1.65 trillion. In the thirteenth position is Australia with $1.40 trillion.
Spain is in the fourteenth position with $1.39 trillion while Mexico is in number fifteenth with 2019 Nominal GDP in Current U.S. Dollars in the region of $1.27 trillion.
Indonesia is in the sixteenth position with Nominal GDP in Current U.S. Dollars of $1.12 trillion.
Netherlands sits at seventeenth position with $907.05 billion. In the eighteenth position is Saudi Arabia with 2019 Nominal GDP in Current U.S. Dollars of $792.97 billion.
Turkey sits on the nineteenth position with $761.43 billion.
In the twenth position is Switzerland with $703.08 billion, while Poland is in the twenty-first position with $595.86 billion GDP.
Thailand comes in the twenty-second with $543.55 billion GDP. On the twenty-third position is Sweden with $530.88 billion and Belgium sitting in the twenty-fourth position is Belgium with $533.10 billion.