top of page
  • Writer's pictureRCS Ottawa

Africa’s two largest economies are making a comeback


Africa’s two largest economies are making a comeback: Nigeria’s economy is finally lifting its head after five consecutive quarters of recession, while South Africa clawed back from a technical recession after months of barely-there growth.

Data published by Nigeria’s National Bureau of Statistics (NBS) shows that the economy grew 0.55% in the second quarter of 2017. The first hint of recovery came in the fourth quarter last year when, despite still in being in a recession, the economy showed an uptick. The economic growth is meagre but many Nigerians will hope that this signals the start of a permanent turnaround in the country’s economic fortunes after Nigeria slipped into recession for the first time in two decades.

The economic struggles has had significant ripple effects for both countries. The struggles of several companies meant Nigeria’s unemployment problem worsened to 14.2% in the last quarter of 2016. A foreign exchange shortage hobbled businesses reliant on imports and made it difficult for Nigerians to access US dollars to pay bills at foreign schools and hospitals and for holiday trips. Full Story

#Africa

1 view0 comments

Recent Posts

See All

Canadian Aniqah Zowmi brings expertise and passion for helping governments and civic organisations embrace equality and diversity and achieve full inclusion at levels. She is currently the director of

Messenger RNA (mRNA) is a pivotal molecule of life, involved in almost all aspects of cell biology. The last decade has seen improvements in the delivery of a new class of mRNA drugs. In molecular bi

bottom of page