Nigeria has been named Africa’s largest economy for the second year in a row by multinational professional services network PricewaterhouseCoopers (PwC).
The auditing firm which ranks second to Deloitte in professional services published its latest edition of Nigeria Economic Outlook: Top 10 Themes for 2019 on February 18 this year, distinguishing its economy from other seven.
Nigeria leads the pack in the western part of the continent with Kenya falling short to Ethiopia in the East African region.
The level of competition in East Africa is quite tight with various sectors accounting for the hefty foreign investments.
Other than agriculture which is the spine of many African economies, aviation and oil sector are contributing heavily to the economies.
Egypt leads in North Africa while South Africa leads southern African countries as it is recovering from economic recession to be a competitive investment hub.
With a Gross Domestic Product, GDP of $1.121 trillion, the country leads the rest of its counterparts.
According to analysts, the postponing of the country’s general election in 2019 could cause the economy over $1 billion but are adamant the various sectors such as agriculture, oil and manufacturing industry will stabilise it.
Foreign investors have expressed their concerns over investing in the electioneering era, as politics which shapes most economies took centre stage.
Nigerian airline’s plans to conquer African air space – The Exchange Communications and technology have elevated the country’s economy as well.
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