
In August, Nigeria lost
its position as Africa’s biggest economy to
South Africa, following the recalculation of
the country’s Gross Domestic Product
(GDP).
The IMF had predicted that Nigeria’s economy would grow away from a recession in 2017.
“A recalculation using current exchange rates
put South Africa on top because the rand has
strengthened against the dollar,” BBC had
said in August.
“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,” Bloomberg had also said.
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