7 April 2014

Nigeria: Opposition Concern As Nigeria Outgrows SA

Johannesburg — SOUTH Africa's official opposition blamed the African National Congress-led government after Nigeria overtook that country as the biggest economy in the continent.

“The ANC government's failure to achieve South Africa's growth potential over the past two decades has now led to our economy being overtaken as the largest economy in Africa,” stated Democratic Alliance (DA) Shadow Minister of Finance, Tim Harris.

On Sunday, Nigeria rebased its Gross Domestic Product to become Africa's largest economy, almost 60 percent larger than South Africa.

This technical change means that South Africa loses the label of the most prominent economy in Africa and the prominence of that position in the minds of investors, Harris argued.

Importantly, Nigeria's economic growth rate of 6,4 percent significantly outstrips South Africa's growth rate, Harris added, saying his country registered only 1,9 percent last year.

“So unless we dramatically turn around our economic growth we will continue to drop further behind Nigeria and risk being overtaken by other countries in Africa.

"We believe that South Africa has the potential to do much better - with decisive leadership, the right policy mix and a government committed to job creating inclusive economic growth, we can again challenge Nigeria for the number one spot.”

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