Labarai
South Africa Dethrones Nigeria As Africa’s ‘Biggest Economy’
Nigeria is facing its worst economic crisis in decades, and the economy has shrunk by 0.4 per cent since 2015.
After holding the position for more than two years, Nigeria has lost the title of Africa’s largest economy in dollar terms to South Africa.
Based on gross domestic product (GDP) 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 Gross domestic product is $296 billion.
Nigeria is facing its worst economic crisis in decades, and the economy has shrunk by 0.4 per cent since 2015 amid low oil prices and output and acute shortage of foreign currency.