Nigeria is Africa’s Largest Economy

Nigeria is Africa’s Largest Economy.

Nigeria is now the biggest economy in Africa. Nigeria’s economic growth grew and improved in the fourth quarter, the economy expanded the most in 2019 as oil output increased and the central bank took measures to boost credit growth.

GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used.

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Nigeria’s GDP grew by 2.55% in Q4’2019, its highest quarterly growth since the recession of 2016.

The country’s economic growth rose by 2.27% in 2019, compared to a growth rate of 1.91 percent in 2018.

According to Bloomberg the answer to the question of whether South Africa or Nigeria was the biggest economy on the continent had long depended on which exchange rate you use for Nigeria.

But now both the official naira rate of 306 per dollar and the market exchange rate 360 puts Nigeria ahead.

The report said, “Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. The GDP in the West African country stood at $476bn or $402bn, depending on the rate used.