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BREAKING: Nigeria maintains position as largest economy in Africa

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Nigeria has successfully maintained its status as Africa’s largest economy, according to data available for the second quarter of 2023.

Research conducted by ThePressNG reveals that the country amassed a total GDP of N215.6 trillion for the year-long period from Q3 2022 to Q2 2023. Converted to U.S. dollars at the latest closing exchange rate of N773/$1, Nigeria’s GDP stands at approximately $278.9 billion.

Trailing closely behind Nigeria is South Africa, which recently unveiled its GDP data for the same period. As per figures released by South Africa’s statistics bureau, the nation’s economy generated a total of ZAR4.6 trillion from Q2 2022 to Q2 2023.

When converted to U.S. dollars using the official exchange rate of ZAR18.98/$1, South Africa’s GDP amounts to roughly $243.4 billion. These numbers unequivocally affirm Nigeria’s position as the continent’s leading economy.

While these figures present a positive outlook for Nigeria, they also draw attention to the currency volatility plaguing both nations in 2023.

Nigeria has witnessed a depreciation of up to 40% in its currency’s value for the current year, based on official exchange rates.

South Africa, in comparison, has seen its currency’s value diminish by approximately 15% over the same timeframe.

Further analysis reveals that the Naira would need to depreciate to around N900/$1 for Nigeria’s GDP to fall below South Africa’s when measured in U.S. dollars.

In terms of GDP growth rates, South Africa reported a real GDP growth of 1.6% for the second quarter of 2023. This lags behind Nigeria, which posted a more robust real GDP growth rate of 2.51% for the same period.

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