How are the economies of South Africa and Nigeria different from each other?

According to the International Monetary Fund which uses an approximate official rate of N304 for every US dollar, Nigeria will emerge victorious. Using this figure places the country’s GDP at $395 billion. However, basing the calculations on the Naira’s market price which is about 20% weaker than the official price, the GDP value goes down remarkably. This would place Nigeria behind South Africa which is currently rated at $344 billion.

Explanation:

Nigeria has a developing economy. This means that the country is in the process of shifting from an agriculture-based economy to an industrialized one. Most people farm for a living: about 79% of the economy is based on agriculture. As a result, per capita GDP is low, about $2,400. South Africa has an emerging market economy. This means that its economy is becoming more advanced. The country has already become industrialized; its economy is based on service industries and on industries like manufacturing and mining. Just 9% is based on agriculture. The GDP is much higher, at about $10,700 per person.

Explanation:

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