Saturday, 13 August 2016

Aliko Dangote - Nigeria Is Still Number One Economy In Africa

Updated 13 June, 2016
South Africa has overtaken Nigeria as Africa’s largest economy, reclaiming the top spot it lost two years ago. However, Africa’s richest man and president of Dangote Group, Aliko Dangote says Nigeria remains the number one economy in Africa.
A resolute Dangote, who spoke at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session,says the problem with the economy did not start with the present administration adding that he does not believe the numbers that South Africa has overtaken Nigeria as the biggest economy in Africa.
Although both countries face recession this year, while the South African rand has gained more than 16 percent since the beginning of 2016, Nigeria’s naira has plunged by more than a third of its value.
Quoting the International Monetary Fund figures at the end of 2015, Bloomberg reported Wednesday that at their respective exchange rates, Nigeria’s gross domestic product is $296 billion, while the size of South Africa’s economy is $301 billion.
Nigeria overtook South Africa 2 years ago when its GDP was in excess of $500 billion in April 2014. 


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