₦airaland Forum

More than two years after losing Africa's largest economy to Nigeria, South Africa’s economy have regained its position in dollar terms as the value of the Nigeria’s naira move in opposite directions.
Based on gross domestic product 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 GDP is $296 billion.
The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined.
“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 in an email response.
Cameron said, 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.”
Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades.
The rand gained 1 percent to 13.2805 per dollar at 4:03 p.m. in Johannesburg on Wednesday. The naira weakened 2.7 percent to 320 per dollar.

https://www.nigerianbulletin.com/threads/south-africa-kicks-nigeria-out-as-africas-largest-economy.219240/

Welcome to Change. This is long overdue. Our Economy has been in mess.

Shame on buhari, APC and Yorubas that voted them in. Thr trio are poor economic Managers

By the time the ineffectual herdsman is done Niger might even be ahead of us ..Pray for Nigeria

I see

hmmmmm, following

https://s10.postimg.org/4vsld452h/laughingman.jpg

northerners are untrained in matters of economy and leadership of diverse people ( ethnic & religious settling). . go and check their leadership history. the achievement of Gej has been swindled into the ocean in one year.. and they are telling us they are fighting corruption...

they have succeeded in taking us back to the 80s. and few years from now Muslim countries like Niger, chad. north sudan, Mali will be competing with Nigeria.

PaulIdu:
By the time the ineffectual herdsman is done Niger might even be ahead of us ..Pray for Nigeria

Broh P, u dey vex oh.

Never was Nigeria the largest economy. Not with that cassava bread economy.
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

One dollar = 13.28 rand while one dollar = 270 naira. Oh Lord of mercy!

Hmmm... May God seriously help this country. Check out Pastor E. A Adeboye"s Open Heavens messages @ www.openheavensdaily.org

PaulIdu:
By the time the ineffectual herdsman is done Niger might even be ahead of us ..Pray for Nigeria

We are heading to sixth, after Angola, Kenya others.

Clueless government

UltimateDaniel:
Hmmm... May God seriously help this country. Check out Pastor E. A Adeboye"s Open Heavens messages @ www.openheavensdaily.org

Na who adeboye epp?

God bless GEJ

Thats not palatable. But we can claim back the position. SA economy is also not looking good.

South Africa was very lucky not to have been ruled by the military in their hx

jonathanOz:
One dollar = 13.28 rand while one dollar = 270 naira.
Oh Lord of mercy!

$1= N402

Wow cry cry general, i want rule , i want rule , see ur life u want to scatter ur grand children future before u die ko

oduastates:
Never was Nigeria the largest economy. Not with that cassava bread economy.
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

Zombie

Joel3:
https://s10.postimg.org/4vsld452h/laughingman.jpg

northerners are untrained in matters of economy and leadership of diverse people ( ethnic & religious settling). . go and check their leadership history. the achievement of Gej has been swindled into the ocean in one year.. and they are telling us they are fighting corruption...

they have succeeded in taking us back to the 80s. and few years from now Muslim countries like Niger, chad. north sudan, Mali will be competing with Nigeria.

u have a point not Northerners alone but majority of muslim countries.

What sort of hopeless government is this?
Even if you can't improve on the gains of previous administration,why can't you atleast maintain the staus quo?
How could millions of educated Nigerians allow themselves to be deceived into this kind of mess?
Shame! Shame on all of them!
Big shame to the ones that came here online claiming economic and political gurus and deceived others into this mess.
Big shame on all those "Sai Baba!!"chanters who have suddenly disappeared!

ucheokpara100:
u have a point not Northerners alone but majority of muslim countries.

Like those in the poorest region on earth; Sub-saharan africa

Fake news..

Such news will be all over foreign and Nigerian media..

But Na only one blog dey carry am.


Nigeria is yet to rebase its GDP after okinjo own self.

dunkem21:
God bless GEJ

What did gej do ; "Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades"

dunkem21:
God bless GEJ

What did gej do ; "Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades"

If its in terms of the dollar,have wailers forgotten the decline began under gej

who e epp b4

MetaHuman:
Fake news..
Such news will be all over foreign and Nigerian media..
But Na only one blog dey carry am.

Nigeria is yet to rebase its GDP after okinjo own self.

check Bloomberg

Iweala's Ugwu 419 GDP and rebasing unraveling. Foolish Nigerians busy showing off with Range Rover and holidays in Dubai wasting and throwing away precious dollar reserves. The Flatttties should not be allowed anywhere near our reserves. Call themselves importer not knowing they are importing poverty and lack in the long run.

More good news from Cassandra led govt