Nigeria becomes the largest economy in Africa as South Africa falls into recession.

We saw it coming, but no one knew how soon it would happen until now. South Africa has been facing numerous challenges in several sectors of its economy and it’s been a major bone of contention for its presidency and stakeholders. Statistics South Africa disclosed the country’s economy shrank by 1.4% in the fourth quarter and 0.8% in the 3rd quarter of 2019. Meanwhile Nigeria experiences growth in its 4th quarter despite unfavorable forecasts based on dwindling oil prices. Effective fiscal measures introduced by its Central Bank has helped Africa’s most populous nation maintain a slow but steady growth.

While Nigeria now tips the list of the largest economies on the continent, South Africa has declared a recession, the second of its kind and it is expected to last 2 years. The International Monetary Fund has cut its forecasts forecast for Nigeria’s 2020 growth from 2.5% to 2%, last month, Nigeria’s economy is expected to continue growing, even faster, but South Africa’s GDP is projected to expand only by 0.8%, according to Nairanetrics.

More Branches.

Internet Company Reaching Young & Smart Africans from Lagos, Nigeria.

Leave a Comment

Your email address will not be published.

Previous Story

Lagos Vice City Edition: Where and how to smoke weed in peace.

Next Story

What It Is Like Growing up Being Effeminate In Nigeria

Latest from News & Developments