Under Buhari, S’Africa Overtakes Nigeria As Africa’s Biggest Economy
President Muhammadu Buhari[/caption]
The economy of Nigeria under the President Muhammadu Buhari-led administration continues to take a downward hill and is possibly on the verge of total collapse as South Africa takes over as Africa’s biggest economy.
The economic setback for Nigeria has been credited to the unfavorable economic policies by the Federal Government and which has in turn led to dwindling foreign exchange supplies in the country, Bloomberg reports.
Bloomberg derived its report using the Gross Domestic Product (GDP) at the end of 2015 published by the International Monetary Fund (IMF).
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The financial information company found that the size of South Africa’s economy was $301 billion at the rand’s current exchange rate, while Nigeria’s GDP was put at $296 billion.
It noted however that South Africa is still at risk of recession regardless of its current position.
Recall that the minister of finance, Mrs Kemi Adeosun, revealed that Nigeria is “technically in recession” when summoned by the Nigerian Senate to give account on state of the country’s economy.
