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

1 year ago

December 15, 2024

OCHEFA

388 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

President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

Published

2 days ago

May 1, 2026

OCHEFA

40 Views

President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.

The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:

” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.

With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides.

He will return to Nigeria at the end of the Rwanda summit. “

Business

Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

Published

3 days ago

April 30, 2026

OCHEFA

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The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.

The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.

In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.

It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.