South Africa May Displace Nigeria As Africa's Biggest Economy

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The International Monetary Fund (IMF) has projected that South Africa could surpass Nigeria to become the largest economy in Africa.

According to the IMF's World Economic Outlook, South Africa, which has one of the most robust economies in Africa, is estimated to approach a gross domestic product of $401 billion by 2024.

The IMF also projects that South Africa will briefly surpass Nigeria, the most populous African nation, for a year before falling behind once again. Daily Trust reports that some policies of President Bola Ahmed Tinubu have further mounted pressure on Nigeria's struggling economy. Topmost among them is the fuel subsidy removal and the unification of the exchange rates at the I&E window.

Although the president has said the gains of his economic reforms may not be felt immediately, experts and labour unions have knocked some of these policies tagging them as"Anti-people,"

 

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