| Lower commodities prices have had some far-reaching effects on African economies. For exporters, weaker revenue has damped growth. Consider Nigeria, Africa’s largest economy and biggest oil producer. The country’s gross domestic product contracted 2.1 percent in the second quarter, following a 0.4 percent slump in the first.
Adjusting to this new reality will take time for energy exporters. Most African economies, though, aren’t in the oil business. For them, lower fuel costs support growth and living standards. So fortunes are set to diverge across the continent.........................................Full Article: Source
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