Question

How are the economies of South Africa and Nigeria different from each other?

Answer 1

Nigeria has a developing economy. This means that the country is in the process of shifting from an agriculture-based economy to an industrialized one. Most people farm for a living: about 79% of the economy is based on agriculture. As a result, per capita GDP is low, about $2,400. South Africa has an emerging market economy. This means that its economy is becoming more advanced. The country has already become industrialized; its economy is based on service industries and on industries like manufacturing and mining. Just 9% is based on agriculture. The GDP is much higher, at about $10,700 per person.

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Answer 2

According to the International Monetary Fund which uses an approximate official rate of N304 for every US dollar, Nigeria will emerge victorious. Using this figure places the country’s GDP at $395 billion. However, basing the calculations on the Naira’s market price which is about 20% weaker than the official price, the GDP value goes down remarkably. This would place Nigeria behind South Africa which is currently rated at $344 billion.

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