Nigeria Is Still Africa’s Number One Economy – Dangote

Despite the widely reported story yesterday that
South Africa had overtaken Nigeria as Africa’s
biggest economy, the continent’s richest man;
Aliko Dangote has averred that Nigeria remains
the number one economy in Africa.
The president of the Dangote Group spoke on
Thursday at the Lagos Chamber of Commerce and
Industry 2016 presidential policy dialogue session,
arguing that the problem with the economy did
not start with the present administration.
After over two years in the position, Nigeria lost
the enviable position to South Africa owing to the
appreciation of the rand, South Africa’s currency,
and the devaluation of the Nigerian naira
following the introduction of a flexible foreign
exchange rate regime. However, Dangote was
resolute that Nigeria’s place in the African
economy has not yet been overtaken.