| NIGERIA, SOUTH AFRICA DRIVE AFRICA'S GROWTH Oct 29th 2012, 19:13 Nigeria and South Africa account for major portion of Africa's Gross Domestic Product (GDP), the International Monetary Fund (IMF) report said. It said intraregional trade and financing links within sub-Saharan Africa have been expanding significantly in recent years. However, it recognised that there is a long road to travel in terms of achieving close economic integration at the regional and sub-regional level. "As this integration proceeds and economic linkages deepen, the importance of spillover effects from large countries to the rest of sub-Saharan Africa, and within their own sub-region, will grow: closer economic linkages inevitably imply increased exposure to shocks, both favorable and unfavorable, in partner countries," it said. IMF African Department senior economist Cheikh Gueye said that to a large extent, South Africa is shaping the structure of trade within sub-Saharan Africa. He said that at least 12 countries in sub-Saharan Africa export to South Africa and this represents one per cent of their GDP |  |
