Smart Investing with Nosa

The news about Nigeria overtaking South Africa to become Africa's biggest economy, as the latter slipped into its second recession in as many years, was celebrated like a major achievement by a lot of people. This would not be the first time that the West African Nation would lay claim to the title of being Africa's biggest economy. In 2014, Nigeria rebased its Gross Domestic Product (GDP) calculation to become Africa's biggest economy, but this claim has been subject to a lot of debate in recent times because it was largely dependent on which exchange rate was used in the calculation - the official rate of the Central Bank of Nigeria (CBN), or the "market" rate. This time, however, the Nigerian economy's claim is true regardless of the exchange rate that is used. The CBN rate (N306/$) and the market rate (N360/$) both put Nigeria's GDP ahead of South Africa at $476 billion and $402 billion respectively. Being Nigerian, I would always cheer to see th