Nigeria’s failing economy allows South Africa to top richlist


South Africa has once again become the largest economy in Africa, overtaking Nigeria which held the position for two years.

At $301 billion, the GDP of South Africa is just $5 billion more than Nigeria’s $296 billion GDP. South Africa’s reemergence at the top is as a result of the gains made by its currency, the Rand, against the dollar – about 16% in 2016; whereas the Nigerian Naira has plummeted in comparison.

Both economies are however at risk of falling into recession, as they both contracted in the first quarter of this year – South Africa by 0.2 per cent and Nigeria by 0.4 per cent.


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