Nigeria has overtaken South Africa as the biggest economy in Africa as the latter enters its second recession in two years. South Africa’s Gross Domestic Product shrank by 1.
4 per cent in the fourth quarter of 2019, following a revised 0.8 per cent contraction in the third quarter, data from Statistics South Africa showed on Tuesday.
The country’s economic growth rose by 2.27 per cent in 2019, compared to a growth rate of 1.91 per cent in 2018. But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops, according to the report.
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