Using the Gross Domestic Product (GDP) as yardstick, the International Monetary Fund (IMF) has rated Nigeria as the best economy in Africa.
In its 2020 World Economic Outlook, the IMF also ranked Nigeria as one of the world’s 26 top economies with an average GDP of $442,976 million.
The outlook ratings put the United States (U.S.) first with $20,807,269; China second with $14,860,775; Japan was ranked third with $4,910,580; Germany came fourth with $3,780,553 while the United Kingdom (UK) came fifth with $2,638,296.
Others are: India $2,592,583; France $2,551,451; Italy $1,848,222 and Canada $1,600,264. Nigeria emerged 26th with $442,976 after Belgium with $503,416.
Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary from one year to another based on fluctuations in the exchange rates of the country’s currency.
Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.
The Federal Government had put in place several measures to improve on the economy by tackling various sectors that has direct impact on the lives of its citizens.
The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling constraints to growth and leveraging on the power of the private sector.
It also initiated the promotion of national cohesion and social inclusion, allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution.
The key principles on which the ERGP stands are focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion.
Others are allowing markets to function and upholding core values that define the Nigerian society.