Edichaj's Blog

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.