South Africa overtakes Nigeria as Africa’s largest economy

As Nigerians struggle with the reality of economic recession, South Africa’s economy has regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria.

Indeed, based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion.

Also, the rand gained more than 16 percent against the dollar since the start of 2016 while Nigeria’s naira lost more than a third of its value after the central bank removed a currency peg in June.

Experts have advised Nigerians to prepare for more difficult times ahead.

 

 

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