Nigeria has lost its crown as the economic King of Africa to South Africa and now ranks as Africa’s second largest economy consecutive years.According to Bloomberg and the International Monetary Fund (IMF), Nigeria is enriched With a gross domestic product (GDP) of $296 billion. Many factors have however
affected the economy of the most populous black Nation and has now succumbed to South Africa as the economic ‘Giant’ of the African continent.
Here are major reasons why Nigeria lost its place:

CRUDE OIL CRASH

According to Lukman Otunuga, research analyst at Forex Time (FXTM), the crash in oil prices on the international market is the prime reason Nigeria, an oil-dependent nation, lost its place to South Africa.
“The extended periods of depressed oil prices and persistent global uncertainty have caused the world’s previous largest economy in Africa known as Nigeria to lose its title to South Africa,” Otunuga said.
Oil prices have fallen by over 65 percent since 2014, having a direct toll on the Nigerian economy.

NAIRA ‘FLOATING’ DEVALUATION

South Africa’s economy regained the position of Africa’s largest in dollar terms, due to the crash of the naira against the dollar. As the naira fell against the dollar, the South African rand — on the other hand — appreciated against the dollar.
In 2016 alone, the rand has appreciated by over 10 percent against the dollar, while the naira has fallen by over 40 percent.
Analysts believe that if the naira was floated earlier in the life of President Muhammadu Buhari’s administration, the over 40 percent drop from 197 to 310 against the dollar could have been avoided.
See more readsons at http://www.akelicious.com/2016/08/reasons-nigeria-lost-top-position-to.html

Nnaa eh!!

chocolateme:
Nnaa eh!!

Nna eh all dis because we allowed Buhari to be our President?chai!!

saintkel:
Nna eh all dis because we allowed Buhari to be our President?chai!!

We have never been number one.... still battling with a mono economy.

it was a fraud of the highest political and economic manipulation of 21st century for any living being or institution to have place Nigeria ahead of RSA economy
I reapeat, Ng cannot meet up with the largeness and advance economy of south afica. a A. nation that has never been ruled by HAUSA FULANI MILITARY.
DEMOCRACY SINCE INCEPTION.