South African economy loses top spot in Africa to Nigeria

South African economy loses top spot in Africa to Nigeria

- Nigeria and South Africa have been the two economic powerhouses on the continent

- The West African country presently has the biggest economy on the continent

- Nigeria's long-term rival, South Africa, is now second on the list, even with better economic projection by the IMF

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

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

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.

The result is that Nigeria's Gross Domestic Product (GDP) rose to $476 billion or $402 billion depending on the exchange rate used.

READ ALSO: SA reacts to Mboweni saying the economy is strong enough to recover

Nigeria emerges Africa's biggest economy, beats South Africa

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

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.

The GDP of Nigeria had been reported to have increased by 2.27% in 2019, according to the National Bureau of Statistics (NBS).

This was contrary to the initial projection of the IMF that the country's economy would grow by only 2.1% within the same year.

READ ALSO: Survey: SA ranks third globally for high rates of economic crime

Earlier Briefly.co.za reported that EFF leader Julius Malema has taken on President Cyril Ramaphosa and Tito Mboweni over the poor economic growth that has led South Africa to a recession.

Malema insists leadership is living in its own 'bubble' filled with 'hallucinations and ignorance'.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel