Nigeria is placed ahead of South Africa and Egypt which are second and third respectively.
But the IMF’s World Economic Outlook for October, puts Nigeria’s GDP at $415.08 billion, from $493.83 billion in 2015, while South Africa’s GDP was put at $280.36 billion, from $314.73 billion in 2015.
According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at $330.159 while that of Algeria, one of the largest economies on the continent, is put at $168.318 billion.
The United States, China and Japan maintain their spots as the largest economies in the world, ahead of Germany, United Kingdom and France.
According to a review in September, the current economic recession will outlast 2016, with a Gross Domestic Product (GDP) contraction of 1.7 per cent.
The country last witnessed a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.
President Muhammadu Buhari’s administration has so far disbursed over N700 billion in capital expenditure this year, part of a record N6.06 trillion (S30 billion) budget for 2016