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Nairaland Forum / Nairaland / General / Politics / South Africa Kicks Nigeria Out As Africa's Largest Economy (3880 Views)
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South Africa Kicks Nigeria Out As Africa's Largest Economy by McGibson(m): 4:51pm On Aug 10, 2016 |
More than two years after losing Africa's largest economy to Nigeria, South Africa’s economy have regained its position in dollar terms as the value of the Nigeria’s naira move in opposite directions. Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion. The Nigerian economy shrank by 0.4 percent in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency. That curbed imports, including fuel. In South Africa, GDP contracted by 0.2 percent from a year earlier as farming and mining output declined. “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, told Bloomberg in an email response. Cameron said, 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.” Nigeria was assessed as the continent’s largest economy in April 2014 when authorities in the West African nation overhauled their GDP data for the first time in two decades. The rand gained 1 percent to 13.2805 per dollar at 4:03 p.m. in Johannesburg on Wednesday. The naira weakened 2.7 percent to 320 per dollar. https://www.nigerianbulletin.com/threads/south-africa-kicks-nigeria-out-as-africas-largest-economy.219240/ |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Okwyjesus(m): 5:00pm On Aug 10, 2016 |
Welcome to Change. This is long overdue. Our Economy has been in mess. 11 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by explorer250(m): 5:01pm On Aug 10, 2016 |
Shame on buhari, APC and Yorubas that voted them in. Thr trio are poor economic Managers 31 Likes 5 Shares |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by PaulIdu: 5:02pm On Aug 10, 2016 |
By the time the ineffectual herdsman is done Niger might even be ahead of us ..Pray for Nigeria 16 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Thewrath(m): 5:09pm On Aug 10, 2016 |
I see |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by ucheokpara100(m): 5:13pm On Aug 10, 2016 |
hmmmmm, following |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Joel3(m): 5:19pm On Aug 10, 2016 |
![]() northerners are untrained in matters of economy and leadership of diverse people ( ethnic & religious settling). . go and check their leadership history. the achievement of Gej has been swindled into the ocean in one year.. and they are telling us they are fighting corruption... they have succeeded in taking us back to the 80s. and few years from now Muslim countries like Niger, chad. north sudan, Mali will be competing with Nigeria. 17 Likes 3 Shares |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Nobody: 5:19pm On Aug 10, 2016 |
PaulIdu: Broh P, u dey vex oh. 2 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by oduastates: 5:44pm On Aug 10, 2016 |
Never was Nigeria the largest economy. Not with that cassava bread economy. We've had this arguments before. Iweala massaged Agriculture to create imaginary Gdp figures . Even South Africa's agricultural output dwarfs Nigeria's. To Key facts Power generation : 55000MW refineries : 7 steel plants : 25 Gold mines and plant: 10 Coal mines : 11 Uranium :1 I fact I will stop counting the plants. Let me just show what they sell to the rest of the world. Almost every single item has a deep value chain. They not only mined these stuffs, they process and most time times, sell finished products. These facts show in their national budget which is like 6 times the Nigerian budget South Africa national budget : $102 billion Nigeria :$ 20 billion world's largest producer chrome manganese platinum vanadium vermiculite. second largest producer Ilminster palladium rutile zirconium. world's third largesture exporter coal Iron ore 5th largest Gold 8 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by jonathanOz: 5:48pm On Aug 10, 2016 |
One dollar = 13.28 rand while one dollar = 270 naira.
Oh Lord of mercy! 11 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by UltimateDaniel(m): 5:50pm On Aug 10, 2016 |
Hmmm... May God seriously help this country. Check out Pastor E. A Adeboye"s Open Heavens messages @ www.openheavensdaily.org |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Jirate(m): 5:52pm On Aug 10, 2016 |
PaulIdu: ![]() ![]() ![]() ![]() ![]() ![]() 10 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Nobody: 5:59pm On Aug 10, 2016 |
We are heading to sixth, after Angola, Kenya others. Clueless government 12 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by newbornmacho(m): 6:19pm On Aug 10, 2016 |
UltimateDaniel:Na who adeboye epp? 3 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by dunkem21(m): 6:24pm On Aug 10, 2016 |
God bless GEJ ![]() 11 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by chineloSA(f): 6:24pm On Aug 10, 2016 |
Thats not palatable. But we can claim back the position. SA economy is also not looking good. 1 Like |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by prosperity2016: 6:30pm On Aug 10, 2016 |
South Africa was very lucky not to have been ruled by the military in their hx 2 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by BeClever: 6:30pm On Aug 10, 2016 |
10 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by pinkguy(m): 6:46pm On Aug 10, 2016 |
Wow cry cry general, i want rule , i want rule , see ur life u want to scatter ur grand children future before u die ko 2 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by AllTheWayUp: 6:55pm On Aug 10, 2016 |
oduastates: Zombie 17 Likes
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Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by months: 6:57pm On Aug 10, 2016 |
GEJ MUST RETURN IN 2019, whether the Afonja like him or not. We will kill dem all if we must 2 save Nigeria. 2 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by ucheokpara100(m): 7:23pm On Aug 10, 2016 |
Joel3:u have a point not Northerners alone but majority of muslim countries. 3 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by michelz: 7:31pm On Aug 10, 2016 |
What sort of hopeless government is this? Even if you can't improve on the gains of previous administration,why can't you atleast maintain the staus quo? How could millions of educated Nigerians allow themselves to be deceived into this kind of mess? Shame! Shame on all of them! Big shame to the ones that came here online claiming economic and political gurus and deceived others into this mess. Big shame on all those "Sai Baba!!"chanters who have suddenly disappeared! 3 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by tartar9(m): 7:32pm On Aug 10, 2016 |
ucheokpara100:Like those in the poorest region on earth; Sub-saharan africa ![]() 3 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Nobody: 7:33pm On Aug 10, 2016 |
Fake news.. Such news will be all over foreign and Nigerian media.. But Na only one blog dey carry am. Nigeria is yet to rebase its GDP after okinjo own self. 2 Likes |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by tartar9(m): 7:35pm On Aug 10, 2016 |
dunkem21:What did gej do ![]() 1 Like |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by tartar9(m): 7:35pm On Aug 10, 2016 |
dunkem21:What did gej do ![]() |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by tartar9(m): 7:38pm On Aug 10, 2016 |
If its in terms of the dollar,have wailers forgotten the decline began under gej 1 Like |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by gebest: 8:19pm On Aug 10, 2016 |
who e epp b4 |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by McGibson(m): 8:35pm On Aug 10, 2016 |
MetaHuman:check Bloomberg 2 Likes 1 Share |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by ibedun: 8:45pm On Aug 10, 2016 |
Iweala's Ugwu 419 GDP and rebasing unraveling. Foolish Nigerians busy showing off with Range Rover and holidays in Dubai wasting and throwing away precious dollar reserves. The Flatttties should not be allowed anywhere near our reserves. Call themselves importer not knowing they are importing poverty and lack in the long run. |
Re: South Africa Kicks Nigeria Out As Africa's Largest Economy by Thisis2raw(m): 9:22pm On Aug 10, 2016 |
More good news from Cassandra led govt 2 Likes 1 Share |
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