South Africa beats Nigeria, reclaims spot as Africa’s largest economy

Naira notes used to illustrate market trading
Naira notes used to illustrate the story.

South Africa’s economy has leapfrogged Nigeria’s as Africa’s largest in dollar terms, reclaiming the top spot it lost two years ago.

Both economies face recession after contracting this year. But while the South African rand has gained more than 16 per cent since the beginning of 2016, Nigeria’s naira has plunged by more than a third of its value.

At their respective exchange rates, Nigeria’s gross domestic product is $296 billion, while the size of South Africa’s economy is $301 billion, Bloomberg reported Wednesday, quoting the International Monetary Fund figures at the end of 2015.

Nigeria’s GDP was in excess of $500 billion when the nation’s economy surpassed South Africa’s in April 2014.

That followed the recalculation of the GDP data by the former government of Goodluck Jonathan – the first time that happened in two decades.

Nigeria is facing its worst economic crisis in decades, and the economy has shrunk by 0.4% since 2015 amid low oil prices and output and acute shortage of foreign currency. 

 

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.