By Babajide Okeowo
Nigeria has made the top 25 biggest economies in the world according to a report by Investopedia.
The country is ranked 25th from the list of countries ranked by the global website according to each country’s Gross Domestic Product, GDP.
The United States topped the list followed by eternal rival, China. Japan, Germany, and India made up the top five countries.
At 25th position, Nigeria, Thailand, and Indonesia are the new entrants on the list. Nigeria is the only African country on the list.
“When compared to the top 25 economies in 2000, there are only three countries in the top 25, Thailand, Indonesia, and Nigeria, that weren’t there before. That said, there have been some big movers within the list. China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. Further down the list, Indonesia, one of the three aforementioned newcomers to the list, vaulted forward from 27th largest economy in 2000 to 16th in 2019, while Nigeria leaped from 46th place all the way to 25th” the report stated.
Gross domestic product (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).
Throughout most of the world, countries’ GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time.
