!DOCTYPE html>
All for Joomla All for Webmasters


South Africa has surpassed Nigeria to become Africa’s largest economy

South Africa has surpassed Nigeria to become Africa’s largest economy. South Africa regained the position after two years of coming in behind Africa’s biggest oil producer.

The Nigerian currency (naira) has been losing against the dollar while South African money (rand) keeps on making gains against the dollar.  The rand gained more than 16 percent against the dollar from the beginning of 2016 and Nigeria’s naira lost more than a third of its value in June when its Central Bank removed a currency peg according to the report by Bloomberg.

South Africa’s economy is currently at $301 billion at the rand’s current exchange rate with the dollar, while Nigeria’s GDP is at $296 billion, based on gross domestic product of 2015 published by the International Monetary Fund.

Declining oil prices, reduced oil output due to insurgency and shortage of foreign currency are among the reasons that caused Nigeria’s economy to shrink by 0.4 percent in three months early this year. For South Africa, decline in farming and mining output caused it economy to reduce by 0.2 percent.

“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, said in e-mailed responses to questions on Aug. 2 from Bloomberg.

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.”

South Africa experienced more economic growth as investors turned their attention to emerging markets as Britain voted to leave the European Union in June. And as South Africa voted for the local government, there were speculations that the pressure against the ruling party will make it introduce economic reforms that will boost growth and cut unemployment.


Concord Newsdesk

A plea from Cameroon Concord........

Thank you for reading our magazine, we have a plea to ask you our readers. Over the last two years, hits on our articles have been climbing, we have had an increase in clicks and also a broader reading audience on our social media channels.Our readers have been writing to us requestion for news updates from Cameroon/Southern Cameroons. We have as well been trying to give you the best we can, however, we are short of finances to recruit reporters to carry on independent and investigative journalism which takes a lot of time, money and hard work to produce. We are therefore pleading on you to support our efforts for this platform to be able to keep up the good work we are doing.

For as little as €1, you can support Cameroon Concord– and it only takes a minute. Thank you.


Website: www.cameroon-concord.com Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Share your views on this article

Headlines On Cameroonian English Tabloids

Modern Villa For Sale in Yaounde Cameroon

Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .



Get the latest news and information delivered directly to your inbox by subscribing to our news alerts.



Right Click

No right click

We use cookies to improve our website. By continuing to use this website, you are giving consent to cookies being used. More details…