Africa's economy: Nigeria beats South Africa, ranks biggest in continent

Africa's economy: Nigeria beats South Africa, ranks biggest in continent

- Once again, other African countries will look up to Nigeria for good reasons

- This is as the West African country presently has the biggest economy in the continent

- Nigeria's long-term rival, South Africa, is now second on the list, even with better economic projection by the IMF

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After much contention in the global businesses space, Nigeria finally has South Africa at its back and is now Africa's biggest economy.

At whatever exchange rate - either the official N306 per dollar or the N360 mostly favoured by investors, Nigeria is at the top of the list of great economies in the continent, Bloomberg reports.

With the increase in oil output and the efforts of the Central Bank of Nigeria (CBN) which significantly boosted credit growth, the nation's economy outdid the unfavourable prediction of the International Monetary Fund (IMF) for 2019.

Resultantly, in the same year, Nigeria's Gross Domestic Product (GDP) rose to $476 billion or $402 billion depending on the exchange rate used.

Nigeria emerges Africa's biggest economy, beats South Africa

Nigeria's long-term rival, South Africa, in now second on the list, even with better economic projection by the IMF (Photo credit: Bloomberg)
Source: UGC

Although the IMF has cut its forecast for Nigeria's economic growth from 2.5% to 2.0, the West African country, according to other international projections, is expected to experience faster growth in business.

Earlier, the GDP of Nigeria had been reported to have increased by 2.27% in 2019, according to the National Bureau of Statistics (NBS).

This was contrary to the initial projection of the IMF that the country's economy would grow by only 2.1% within the same year.

However, the federal government had admitted that Nigeria’s economy had “gone down.”

This was stated by the minister of labour and employment, Chris Ngige on Tuesday, February 18, when he hosted the United States of America Ambassador, Mary Beth Leonard.

Ngige also spoke on the economic downturn, said Nigeria made a mistake depending on a single revenue source for decades.

His words: “Our economy has gone down; we know we made the mistake of relying on products, petroleum. When petroleum prices loop down, we had some insurgency in the area of production in Niger delta, our earning concomitantly, had to go down.”

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