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Apple ranks 8 times Nigeria’s GDP

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 Apple ranks 8 times Nigeria s GDP

The Nigeria with $400 billion GDP is Africa’s biggest economy. But its economic value is dwarfed eight times by America’s Apple Inc, which has a market value of $3trillion.

Apple’s market value if compared with the Gross Domestic Product (GDP) of the countries of the world, will rank 5th.

Only the GDP of four countries, the USA, China, Japan and Germany are ahead of Apple.

UK’s GDP is $2.76 trillion and India’s India’s $2.66 trillion.

READ ALSO: Apple unveils iPhone 13 Pro with record storage capacity

Apple on Monday, became the first company in the world to hit a $3 trillion market valuation.

On the first trading day of 2022, the shares of the tech giant hit a record high of $182.88, paving the way for the company to reach a milestone that no other company has yet achieved.

According to a report by Reuters, investors believe that the company will keep launching top-quality products and explore new markets like virtual reality.

The report further said that Microsoft and Apple shared the $2 trillion market value club but Microsoft is still at $2.5 trillion and Apple has crossed the $3 trillion mark.

Google’s parent company, Alphabet Inc, along with Amazon and Tesla have a market valuation of more than $1 trillion.

The achievement is significantly important because the company hit the $1 trillion mark barely four years ago, in 2018. Within less than 4 years, the company has tripled its market value.

According to a report by CBS News, the company hit the $2 trillion mark in August 2020.

The growth has been credited to Tim Cook’s vision for the company.

He believed, according to the report, that the company should reduce its dependence on hardware and focus more on services.

Interestingly today, the services of Apple are worth exactly half of the company’s total value, at $1.5 trillion.

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