Thursday, 11 August 2016

South Africa Overtakes Nigeria As Africa's Largest Economy

Failure of the Buhari led administration to sustain the gains recorded by his predecessor Dr.Goodluck Jonathan in repositioning the economy  has caused the country fall from its revered position as the largest economy in  Africa.

Based on gross domestic product at the end of 2015 as published by the International Monetary Fund (IMF), South Africa’s economy has regained its position in dollar terms as the value of the Nigeria’s naira move in opposite directions more than two years after losing Africa's largest economy to Nigeria.

Nigeria's macro-economic indicators which at a glace tell the performance of the economy are in red .

These include inflation, human capital development and employment.

The nira for instance has fallen to a record low of about N400 per dollar, which has not happened before under any administration.

Also, while industries fold up in landslides, lost of jobs  has been described as unprecedented, yet there are no trusted fiscal reforms  to correct the odds. 

Details later

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