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Nigeria become the biggest economy in Africa, as they beat South Africa



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

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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 Gros Domestic Product (GDP) rose to $476 billion or $402 billion depending on the exchange rate used.

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 Read

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.