Nigeria’s Dysfunctional FX Market Blurs Peer Growth Comparison
For instance, using N360/$ to divide Nigeria’s aggregate GDP at N127.76 trillion, as compiled from NBS figures, the country’s GDP size stood at $354.91 billion. This is $16.3 billion less than South Africa’s GDP size at $371.21. When the same calculation was done using N362/$ and N365/$ to divide Nigeria’s aggregate GDP, it was less than South Africa’s with $18.27 billion and $21.8 billion, respectively.
The figure aligns with the projection of the World Bank Group and International Monetary Fund, which had projected that Nigeria’s economy, will grow by 1.9 percent in the review year.
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