Nigeria to overtake South Africa.
Nigeria's economy grew by 6.9% last year following the expansion of the telecoms industry in the country, according to the Nigerian Bureau of Statistics. According to the statistics, non-oil industries expanded 8.6%, while oil and gas contracted by 1.2%. Crude oil production, accounting for 80% of national revenue, dropped due to various attacks by militants, cutting Nigeria's output by more than 28% between 2006 and 2009.
The Central Bank of Nigeria Governor, Lamido Sanusi (above), still forecasts that Nigeria's economy will become the largest on the African continent next year, overtaking South Africa. The country's GDP is to reach an estimated $308bn next year, compared to South Africa's $262bn.
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|Article Type:||Brief article|
|Date:||Apr 1, 2010|
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