, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation. But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops.
Number One
Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. GDP in the
West African country stood at $476 billion or $402 billion, depending on the rate used.
West African country stood at $476 billion or $402 billion, depending on the rate used.
South Africa’s economy went the opposite direction.
It slumped into a second recession in consecutive years, contracting more than projected in the fourth quarter as power cuts weighed on output and business confidence. For the full year, expansion was 0.2%, the least since the global financial crisis, and even less than the central bank and government estimated. Based on a average rand-dollar exchange rate of 14.43 for the year, GDP was $352 billion.
Projections show Nigeria’s economy will continue to grow faster. While the International Monetary Fund cut its forecast for Nigeria’s 2020 growth to 2% from 2.5% last month due to lower oil prices, South Africa’s GDP is forecast to expand only 0.8%.
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FACEBOOK COMMENTS
FACEBOOK COMMENTS
Joseph Tyokoso Akwente
If the largest economy is like that of Nigeria as it is in this regime, it therefore means Africa is beyond poverty ( excruciating poverty).
Engr Tchidi Okike
On pages of paper, but on the streets the masses are suffering, inflation rates are tripling