Note in above codes you ca

Thursday, August 11, 2016

Nigeria Loses It Position As The Biggest Economy In African Continent.


After the much celebrated declaration of the
Nigerian economy as the largest in Africa and 26 th
in the world, South Africa has pushed the country
back, climbing the top position on the African
continent.
The International Monetary Fund, IMF, using the
gross domestic product at the end of 2015 it
published, rated South Africa as the biggest
economy in Africa, taking back the first position it
lost to Nigeria with a GDP of $301 billion while
Nigeria’s GDP stood at $296 billion.
According to a report by Bloomberg, the South
African currency, rand, has gained more than 16%
against the US currency since the start of 2016,
while the naira has lost more than a third of its
value.

Read also: Scared? Chevron evacuates staff over
community protest
According to the report, both Nigeria and South
Africa are facing the risk of recession, having
contracted in the first quarter of the year. Nigeria’s
economy shrank by 0.4%, while South Africa’s GDP
contracted by 0.2%.
The report quotes Alan Cameron, an economist at
Exotix Partners, LLP as saying: “More than the
growth outlook, in the short term, the ranking of
these economies is likely to be determined by
exchange rate movements.”
Cameron added that although Nigeria is unlikely to
be unseated as Africa’s largest economy in the long
run, “the momentum that took it there in the first
place is now long gone.”
DOWNLOAD OUR ANDROID APP HERE LIKE US ON FACEBOOK HERE FOLLOW US ON TWITTER HERE FOLLOW US ON LINKEDIN HERE FOLLOW US ON INSTAGRAM HERE

No comments:

Post a Comment

WE LOVE COMMENTS. KINDLY COMMENT HERE