Once again, other African countries will look up to Nigeria for good reasons – This is as the West African country presently has the biggest economy in the continent.
Nigeria’s long-term rival, South Africa, is now second on the list, even with better economic projection by the IMF After much contention in the global businesses space, Nigeria finally has South Africa at its back and is now Africa’s biggest economy.
At whatever exchange rate – either the official N306 per dollar or the N360 mostly favoured by investors, Nigeria is at the top of the list of great economies in the continent, Bloomberg reports.
With the increase in oil output and the efforts of the Central Bank of Nigeria (CBN) which significantly boosted credit growth, the nation’s economy outdid the unfavourable prediction of the International Monetary Fund (IMF) for 2019. Resultantly, in the same year, Nigeria’s Gross Domestic Product (GDP) rose to $476 billion or $402 billion depending on the exchange rate