South Africa is once again the biggest economy on the African continent, a position it reclaims from Nigeria, thanks to a surging rand.

Using the gross domestic product at the end of 2015 published by the International Monetary Fund, Bloomberg reported that the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion.

Bloomberg noted that the rand has gained more than 16% against the US currency since the start of 2016, while in contrast, Nigeria’s naira has lost more than a third of its value.

In Afternoon trade on Wednesday, the rand firmed by more than a percent against the dollar, to R13.29.



The media agency pointed out that both Nigeria and South Africa are facing the risk of recession, having contracted in the first quarter of the year. Nigeria’s economy shrank by 0.4%, while South Africa’s GDP contracted by 0.2%.

Nigeria has suffered amid low oil prices, while South Africa is sensitive to shifts in the commodity cycle.

“More than the growth outlook, in the short term the ranking of these economies is likely to be determined by exchange rate movements,” Alan Cameron, an economist at Exotix Partners LLP, told Bloomberg.

He said that although Nigeria is unlikely to be unseated as Africa’s largest economy in the long run, “the momentum that took it there in the first place is now long gone.”

While the results of the recent municpal elections is feeding positive sentiment back into the markets, the South African Reserve Bank forecasts zero growth for 2016, while unemployment still remains above 26%.

In July, South Africa stepped past Egypt as the continents’ second largest economy in dollar terms, having dropped behind the North African country earlier in the year.

http://businesstech.co.za/news/banking/132926/south-africa-overtakes-nigeria-as-africas-biggest-economy/

Nigeria was Africa's biggest economy on paper ....Nooonseeense propaganda

I saw It coming ...


All thanks to the dullard from daura

carmag:
Nigeria was Africa's biggest economy on paper ....Nooonseeense propaganda

Na the same paper them don use pass us.

Na that same paper investors dey look before them go find place to put their money.

Illiteracy is a disease.

-Lord

ALL HAIL THE ALMIGHTY

LordAdam:


Na the same paper them don use pass us.

Na that same paper investors dey look before them go find place to put their money.

Illiteracy is a disease.

-Lord

Oga prof.. must you quote me to make your
points, to you what is the definition of economy
where you import virtually everything

biggest economy that have lenders it's teaming
youths joblessness ..vibrant economy is where
your GDP is greater than imported goods

biggest economy with no impact on the
average man makes no sense

closed down factories are being replaced
with religious houses as a result of corruption
and wrong policies from the unpatriotic
politicians

Let something happen to the only oil economy
and Nigeria will be brought to its knees

carmag:


Oga prof.. must you quote me to make your
points, to you what is the definition of economy
where you import virtually everything

biggest economy that have lenders it's teaming
youths joblessness ..vibrant economy is where
your GDP is greater than imported goods

biggest economy with no impact on the
average man makes no sense

closed down factories are being replaced
with religious houses as a result of corruption
and wrong policies from the unpatriotic
politicians

Let something happen to the only oil economy
and Nigeria will be brought to its knees

India is the 5th largest economy in the world? Are there not more poor people in India than in Thailand or UK that have a smaller-economy?

Or do you think becoming the largest economy in Africa automatically means we would have enough money to start giving the poor average people free hand-outs?

There is no poverty in Qatar. No Qatari citizen is poor. They are only 800,000 citizens and expatriates are 1m+. With all the money they get from mostly oil, there are not many mouths to feed. People go to university and have jobs waiting for them.

Go to China, the largest economy in Asia and the second largest economy in the world. The suicide rate is through the roof, despite all their economic prowess. But we have two times more rich Chinese than we had just 20 years ago.

People were making lots of money when the economy was kicking. Nigeria's trade balance per month stands at $50b. If you weren't tapping into it, others were. If you are waiting for it to trickle down to you by the government, the only persons I pity are the children you are going to have.

Your whining would not stop Africa from having 30,000 new dollar millionaires by 2030 with Nigeria leading the pack. The economy would soon be on track again, and we will reclaim our spot, if you like don't tap into it again. Kick and whine!

The government has been failing us. But we have been improving. Even if you are in the U.S. you would still give excuses. Get up your lazy ass.

-Lord

I think you're smoking your own drugs nigeria was never a biggest economy in Africa. Please read about PEGGING. You moegoes pegged your economy and most of your economists and academics agree today that nigerians were deceiving themslves as SA was still the most advanced economy, infrastructurally etc... again PLEASE READ MY LIPS. JOBURG IS THE MONEY MAGNET IN AFRICA AND BY 2030 JOBURG'S GDP WILL BE AROUND $300BN. Thats not enuf over two 3rds of Africas dollar millionaires will be from Z.A.

LordAdam:


India is the 5th largest economy in the world? Are there not more poor people in India than in Thailand or UK that have a smaller-economy?

Or do you think becoming the largest economy in Africa automatically means we would have enough money to start giving the poor average people free hand-outs?

There is no poverty in Qatar. No Qatari citizen is poor. They are only 800,000 citizens and expatriates are 1m+. With all the money they get from mostly oil, there are not many mouths to feed. People go to university and have jobs waiting for them.

Go to China, the largest economy in Asia and the second largest economy in the world. The suicide rate is through the roof, despite all their economic prowess. But we have two times more rich Chinese than we had just 20 years ago.

People were making lots of money when the economy was kicking. Nigeria's trade balance per month stands at $50b. If you weren't tapping into it, others were. If you are waiting for it to trickle down to you by the government, the only persons I pity are the children you are going to have.

Your whining would not stop Africa from having 30,000 new dollar millionaires by 2030 with Nigeria leading the pack. The economy would soon be on track again, and we will reclaim our spot, if you like don't tap into it again. Kick and whine!

The government has been failing us. But we have been improving. Even if you are in the U.S. you would still give excuses. Get up your lazy ass.

-Lord

Never was Nigeria the largest economy. In 2014 you flat heads and pitch blacks pegged your economy. WE TOLD YOU ABOUT WEARING HIGH HEELS. Pitch black stinkies thought we wer jealous.

We've had this arguments before.
Iweala massaged Agriculture to create imaginary Gdp figures .
Even South Africa's agricultural output dwarfs Nigeria's.
To
Key facts

Power generation : 55000MW
refineries : 7
steel plants : 25
Gold mines and plant: 10
Coal mines : 11
Uranium :1

I fact I will stop counting the plants. Let me just show what they sell to the rest of the world.
Almost every single item has a deep value chain. They not only mined these stuffs, they process and most time
times, sell finished products.
These facts show in their national budget which is like 6 times the Nigerian budget
South Africa national budget : $102 billion
Nigeria :$ 20 billion




world's largest producer
chrome
manganese
platinum
vanadium
vermiculite.

second largest producer
Ilminster
palladium
rutile
zirconium.

world's third largesture exporter
coal
Iron ore


5th largest

Gold