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

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Luis Berg

14 June, 16:10

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

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Izaiah Hurst 14 June, 16:54
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South Africa and Nigeria both need commodity exports, they both generally need the same supplies but South Africa Needs way more because generates a lot more than Nigeria through manufacturing and fiance.

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Robert Mooney · Answer 1

The economies of South Africa and Nigeria certainly have one thing in common: both rely heavily on commodity exports. But even in this likeness, differences already start to emerge.

In the case of Nigeria, oil comprises more than 95% of its foreign income. For South Africa, commodities make up 65% of exports, but these are quite diversified and not restricted to a single product.

The levels of diversification in the overall economy are also starkly different, as South Africa generates far more through manufacturing, services and consumer products.