Using the Gross Domestic Product at the end of 2015, published by the International Monetary Fund, the size of South Africa’s economy was $301bn, while Nigeria’s GDP was $296bn.
Minister of Budget & National Planning, Senator Udo Udoma, while speaking shortly after receiving the report of the three-day pre-summit workshop from the Infrastructure Public Private Partnership Summit Group, said the country would bounce back in no distant time.
Udoma called on Nigerians to stop bemoaning the lost glory but rather put hands on deck to support the government in achieving economic development.
He said, “We are determined to turn this economy around and stimulate private sector investments. Losing our position as the biggest economy in Africa should in some way inspire us to work even harder. Sometimes when you are number two, you are actually more motivated to work hard and we should see it as something that should motivate all of us to work harder.”