Nigeria now biggest economy in sub-Saharan Africa

Posted On Tuesday, 08 April 2014 12:49 Published by
Rate this item
(0 votes)

South Africa has welcomed the announcement that Nigeria, Africa's most populous nation, is now the biggest economy in sub-Saharan Africa after it rebased its gross domestic product (GDP).

Pravin-Gordhan

The World Bank, International Monetary Fund (IMF) and African Development Bank (AfDB) have endorsed Nigeria's new gross domestic product (GDP) of approximately US $509.9 billion released on Sunday, making the West African country the biggest economy in Africa.

According to figures released by the National Bureau of Statistics after a rebasing, Nigeria surpassed South Africa with a 2013 rebased figure of US $370 billion.

The new figures show that the biggest oil producer in Africa climbed to the 26th largest economy in the world.

"The announcement gives concrete expression to the fact that Africa is indeed rising. The announcement resonates with South Africa's consistent message since 1994 that we want to see more African economies grow and live up to their potential, just as we continue striving to do so in with our own economy.

"South Africa has been and will continue to benefit from faster economic growth in the rest of the continent. Furthermore, the South African government and the private sector continue to play no small a part in the growth and development of the continent," said the Ministry of Finance.

In Nigeria's case, the wholesale and retail and the telecommunications sectors -- the two largest components of the services sector -- have big participation by South African firms, who have played a big role in the growth and development of the two sectors.

"This is a positive story of African countries contributing to re-shaping each other's economies through increased investment.

South Africa will continue to nurture mutually beneficial trade and investment ties with Nigeria and other African countries," said the ministry.

Most Popular

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Largest student housing development in SA

Oct 29, 2019
STAG African John Schooling
The largest student housing project ever undertaken by a South African public university…

RMB Real Estate Investment Banking: a large-scale partner in a mega mall redevelopment project

Oct 28, 2019
Dylan Stevenson RMB
BROWNFIELD developments have unique challenges. Most shopping centres are built from…

Katlehong's first enclosed Mall opens

Oct 30, 2019
MOLMAN GROUP
Moolman Group, in partnership with Twin City Developments and Vuno Developments, are…

Please publish modules in offcanvas position.