6 Nov 2013
Nigeria is expected to release revised economic figures in December to show that the country has overtaken South Africa as Africa's largest economy. The Nigerian economy is growing faster than the South African economy. In 2012 Nigeria’s economy grew by 6.6% while South Africa's grew only between 2-3%. Leonce Ndikumana, a Professor of Economics at the University of Massachusetts, Amherst argues that despite its growth, the Nigerian economy has been growing in the capital-intensive oil sector. So, while the country has experienced economic expansion, this has not been accompanied by employment creation. In fact Nigeria’s unemployment problem has worsened. It's a cautionary note about the kinds of sectors countries should prioritize for investment and expansion.
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Editor’s Note: Read more about Nigeria’s growing economy in this Business Report article, “Nigeria to overtake SA as top economy”.