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

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.

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.