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 has been growing faster than the South African economy for some years. In 2012 Nigeria’s economy grew by 6.6% while South Africa’s grew only between 2-3%.
So, while the country has experienced economic expansion, this has not been accompanied by employment creation. In fact the Nigeria’s unemployment problem has worsened – a cautionary note for the kinds of sectors countries should prioritize for investment and expansion.