Johannesburg – The Democratic Alliance bemoaned the news that Nigeria had overtaken South Africa as the biggest economy.
“The [African National Congress] government’s failure to achieve South Africa’s growth potential over the past two decades has now led to our economy being overtaken as the largest economy in Africa,” DA MP Tim Harris said in a statement.
“We believe that South Africa has the potential to do much better. With decisive leadership, the right policy mix and a government committed to job creating inclusive economic growth, we can again challenge Nigeria for the number one spot.”
Harris said the DA had a plan which would help the country achieve its economic growth potential and take it back to the number one spot.
The plan included providing political leadership that would restore investor confidence, boosting trade to the rest of Africa and investing 10% of GDP in infrastructure.
On Sunday Nigeria claimed the crown as the biggest economy in Africa overtaking South Africa.
The new data was released by Nigeria’s national bureau of statistics office after a rebasing of its gross domestic product, which showed that the economy grew $453bn in 2012 and expects a jump to $509bn for 2013.
It was the first time in 24 years that Nigeria rebased its GDP calculations.
The finance ministry on Monday welcomed the news, saying that Nigeria’s new status is proof that Africa is on the rise.
The ministry noted that South African firms have contributed to the growth of Nigeria’s wholesale and retail and the telecommunications sectors, which is also the two largest components of the services sector.
“This is a positive story of African countries contributing to re-shaping each others’ economies through increased investment.”
It added that South Africa will continue to forge trade and investment ties with Nigeria and other African countries.
– Sapa with Fin24