Business

The World’s 20 Largest Economies, by GDP (PPP)

Data is sourced from the International Monetary Fund as of October, 2024. All figures are rounded and in International dollars.

Published

2 years ago

December 15, 2024

OCHEFA

498 Views

Born during the 1970s oil crisis, the G7 emerged as a group of the world economy’s cool kids: large, mature, high-income economies dominating key global sectors.

Then, in the 2000s, BRICS showed up—a collection of countries mostly from the “Global South”— vying for influence with their steadily growing economic might, boosted by globalization. Now they’re positioned as competitors to the G7.

Together, both groups are in the G20, the world’s 20 largest economies, which accounts for 70–85% of the world economy (depending if nominal or PPP-adjusted GDP is used).

This chart shows the value of each G20 member’s GDP in 2024, adjusted for purchasing power parity (PPP).

Data is sourced from the International Monetary Fund as of October, 2024. All figures are rounded and in International dollars.

Since 2014, China has been the world’s largest economy by PPP-adjusted output.

By market exchange rates, it’s still second in the world.

Meanwhile, here’s all G20 members ranked by their PPP-adjusted GDP in 2024.

At second place, the U.S. is about $4 trillion behind China by this particular metric.

India is ranked third, with its PPP–adjusted GDP nearly four times that of its nominal GDP and Russia and Japan round out the top five.

When looking at it through the lens of geopolitics, the BRICS countries are doing better collectively than the G7, aided in great part by India’s massive boost.

Source: Visual Capitalist

Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

2 days ago

July 30, 2026

OCHEFA

35 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

2 days ago

July 30, 2026

OCHEFA

46 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.