Is Nigeria still the #1 economy in Africa? Learn which economy is the largest in 2016.
For several years in a row Nigeria, the Giant of Africa was considered to be the largest economy on the Black Continent. However, this year things changed again. Learn the news now.
Nigeria vs. South Africa – which economy is the largest?
In the past Nigeria managed to kick off South Africa from the first position in the list of the biggest economies of the African continent. It outpaced South Africa by the growth tempo and the amount of crude oil production. However, in 2016 the tides have changed one more time.
For two years in a row, Nigeria remained #1 in oil production. This year the Giant of Africa is going through tough times. Its economy is in recession. No wonder that once again South Africa has become number 1.
GDP of this country has amounted to 301 billion US dollars, while Nigerian is at 296 billion US dollars. Such data was shared by the International Monetary Fund.
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Why was Nigeria outpaced? Well, there are several major reasons for that. One of them is the Boko Haram insurgency which negatively impacted the oil output. The other one is the fall in the oil prices on the world market.
The South African economy showed stable growth and attracted many investors. Admittedly, it leads to even more growth of its GDP. Thus Nigeria is no longer the #1 in Africa!
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