Nigeria surpasses South Africa to become the biggest economy on the continent

President Muhammadu Buhari and his South African counterpart, Cyril Ramaphosa  [Twitter/@NigeriaGov]
  • Nigeria now has the biggest economy in Africa.
  • South African economy shrank by 1.4% in the fourth quarter of 2019.
  • Nigeria surpasses global forecasts with 2.3% in 2019.

Nigeria now has the biggest economy in Africa, as the South African economy shrank by 1.4% in the fourth quarter of 2019.

With this, the economy of South Africa, Nigeria’s main rival on the continent, entered a recession, in the last half of 2019 - third recession since 1994.

According to Q4 GDP figures released by SA’s Statistics office, on Tuesday, March 3rd, 2020, South Africa’s economy shrank by 1.4% in the fourth quarter followed by a contraction of 0.8% recorded in Q3 last year.

Compared to Nigeria, the West African nation grew by 2.3% in 2019, compared to 1.9% in 2018.

In the fourth quarter, ending December 2019, the Nigerian Gross Domestic Product (GDP) posted its strongest growth of 2.55% (year-on-year) in real terms, the highest since the 2016 recession.

Based on the naira-dollar rates in the West African nation, Nigeria’s GDP stood at $402 billion or $476 billion, while South Africa’s economy was $352 billion in 2019, according to a report by Bloomberg News.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

5 things you should never do to please a woman

5 things you should never do to please a woman

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

Shika Simu yangu bro, we need you - Eric Omondi begs Eddie Butita

Shika Simu yangu bro, we need you - Eric Omondi begs Eddie Butita

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]