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Reported by Mustapha Labake Omowumi | Sele Media Africa Journalist
Nigeria is projected to reclaim its position as Africaβs third-largest economy in 2026, according to the latest International Monetary Fund (IMF) projections. Data from the IMFβs World Economic Outlook forecasts a rebound in Nigeriaβs economic output, which is expected to see it surpass Algeria in continental rankings next year.
Under IMF projections, Nigeriaβs gross domestic product (GDP) is expected to reach approximately $334 billion in 2026. This would place the country behind South Africa and Egypt, but ahead of Algeria, whose GDP is forecast at around $284 billion. Currently, Nigeria ranks as Africaβs fourth-largest economy, trailing South Africa, Egypt, and Algeria based on 2025 figures.
Economists and IMF analysts attribute Nigeriaβs projected rise to several factors, including a rebound in oil production, improved foreign exchange liquidity, and the positive impact of ongoing economic reforms. These reforms include the removal of petrol subsidies, exchange-rate liberalisation, and broader fiscal adjustments aimed at boosting investor confidence and stabilising macroeconomic conditions.
The IMFβs outlook reflects optimism about Nigeriaβs medium-term growth prospects, despite challenges such as inflationary pressures. As reforms take deeper root and structural adjustments continue, the Nigerian economy is expected to solidify its position within Africa.
This projected rise follows a period in which Nigeria slipped behind other African economies due to currency devaluations, rebasing exercises, and external macroeconomic headwinds. Climbing to third place next year underscores the nationβs resilience and highlights the impact of fiscal and monetary policy reforms.
Citation:
1.Nigerian News Online
https://www.nigerianeye.com/2026/02/nigeria-to-overtake-algeria-as-africas.html
2.The Leader Nigeria
https://theleaderng.com/nigeria-set-to-become-africas-third-largest-economy-in-2026-imf-projects/
3.PM News Nigeria
https://pmnewsnigeria.com/2026/02/04/imf-nigeria-to-become-africas-third-largest-economy-in-2026/
4.This Day Live
https://www.thisdaylive.com/2026/02/05/with-projected-gdp-of-334bn-in-2026-imf-tips-nigeria-as-africas-third-largest-economy-ahead-of-algeria/
5.Business Insider Africa
https://africa.businessinsider.com/local/markets/nigeria-breaks-into-africas-top-3-largest-economies-as-imf-projects-2026-growth/mtcqvst
