Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.
The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion.
Africa’s most industrialized nation-South Africa-will remain the continent’s largest economy until Egypt reclaims the mantle in 2027, while Nigeria is expected to remain in fourth place for years to come, the data shows.
Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.
Bola Tinubu has announced significant policy reforms since he became Nigeria’s president at the end of May 2023, including allowing the currency to float more freely, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages. Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency

devaluations.
Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, has also allowed its currency to float, triggering an almost 40% plunge in the pound’s value against the dollar last month to attract investment.
The IMF had been calling for a flexible currency regime for many months and the multilateral lender rewarded Egypt’s government by almost tripling the size of a loan program first approved in 2022 to $8 billion. This was a catalyst for a further influx of around $14 billion in financial support from the European Union and the World Bank.
Unlike Nigeria’s naira and Egypt’s pound, the value of South Africa’s rand has long been set in the financial markets and it has lost about 4% of its value against the dollar this year. Its economy is expected to benefit from improvements to its energy supply and plans to tackle logistic bottlenecks.
Algeria, an OPEC+ member has been benefiting from high oil and gas prices caused first by Russia’s invasion of Ukraine and now tensions in the Middle East. It stepped in to ease some of Europe’s gas woes after Russia curtailed supplies amid its war in Ukraine. V.5328

The Special Investigating Unit (SIU) is investigating corruption between home affairs officals and foreign nationals The Hawks and Special Investigating Unit (SIU) raided several home affairs offices across the country on Friday as part of investigations into alleged maladministration and corruption. Minister Aaron Motsoaledi was part of an operation at an office in Pretoria and told eNCA that similar raids were taking place in other locations after information received by a whistleblower. “The corruption is done by officials here and foreign nationals who don’t deserve to be in South Africa but have lots of money to bribe,” he said. V.5363
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Home Affairs Refugee Centres are being raided by the Special Investigation Unit (SIU) and the Hawks. (Alex Mitchley/News24) • The Special Investigating Unit has raided home affairs refugee centres around the country. • Home affairs officials` cellphones have been seized. • SIU boss, advocate Andy Mothibi, and Minister of Home Affairs Aaron Motsoaledi were present at the Pretoria raid. The Special Investigating Unit (SIU) simultaneously raided all five of South Africa`s refugee centres on Friday morning as part of a corruption probe. It is understood that the unit is investigating corruption linked to the issuing of asylum and refugee papers to foreign nationals entering South Africa. V.5364
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Applying for critical skills work visa in South Africa as an artisan has been a challenge for the longest time. In 2014 when the current amendments to the Immigration Act were gazetted several gaps were identified in the Act which included the absence of a SAQA accredited professional body to register artisans. ECSA was not an option due to their minimum NQF criteria of 5 which was a notch above the rating being given by SAQA for artisans. There was a time letters issued by the National Artisan Moderation Body, (NAMB), were sufficient and then they were not. There was a time when registration with the South African Institute of Draughting was good enough and then it wasn’t. V.5365
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You might have obtained your work permit recently and second-guessing whether your visa is valid or not, this is a tricky situation to be in. There are many people out there who pretend to be immigration consultants or immigration lawyers only to scam you and issue you with a fake visa. The worst is being arrested or being detained in South Africa for something that you are not responsible and the Department of Home Affairs is coming down hard on these individuals. Many who don’t qualify for the critical skills are always looking at applying for the general work visa for South Africa and thus one of the most popular options to forge it because of how difficult it is to obtain it. While this could be true many temporary residence permits are forged throughout South Africa. V.5366
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Legal permission to work in South Africa is accessed by getting a visa. In you case it can be a relatives visa, spousal visa or life partner visa The whole question How I, a Zimbabwean man, can get a visa to be able to stay in South Africa and care for my seven-month-old child and her mother, when my critical skills visa expires in March and I cannot renew it as the skills list was changed this year. The long answer There are three possible visas: • Relatives visa; • Spousal visa; • Life partner visa. V.5367
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What is Permanent Residence? • What is Permanent Residence? • Can you buy permanent residency in South Africa? • What is Independent financial permit in South Africa? o But what does it mean to be financially independent? o There are many benefits with this visa when obtaining permanent residency such as: • How much do I need to invest in South Africa to get permanent residence? o What are examples of assets that could be counted as net-worth assets? • Can I add my family to the visa? o What do I need to add them to the visa? • What are the government fees for the visa? • • What happens if I dont qualify for the visa? V.5368
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Starting a business as a foreigner in South Africa can be an arduous task without enlisting professional help. There are a number of ‘hoops’ that must be circumvented and the process can be time consuming and a distraction from the all important task of establishing your business. At SA Migration Immigration we have assisted hundreds of entrepreneurs with their ambition to create a business in South Africa and are able to boast of an unrivalled track record of success, all based on what we believe to be the most comprehensive service available. Below we detail the important aspects of starting a business as a foreigner in South Africa but if you prefer to talk to a human being to discuss your needs, feel free to call us on any our contact numbers V.5369
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Table of Contents 1.What is eHomeAffairs? 2.Step-by-Step Guide to Using eHomeAffairs for Your Smart ID Online Application 3.What Do I Need to Start My Smart ID Online Application? 4.Bank Branches Offering Smart IDs 5.Frequently Asked Questions (FAQs) The South African Department of Home Affairs has introduced the eHomeAffairs portal, which is a significant advancement in streamlining the Smart ID online application process. This detailed guide delves into the user-friendly features of the platform, making Smart ID and passport applications convenient and accessible at just a click of a button. V.5358
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Bureaucratic procedures and a whole lot of red tape are the only things standing between Vincent and Emmanuel Tshituka and potential call-ups to the Springboks squad this year. To the average local sports fan, the Tshituka’s are just a set of brothers casually dominating rugby games for the Lions and Sharks, respectively. But there’s way more to their story and in order for them to reach their potential on the rugby field, the South African government in general, and the Department of Home Affairs in particular, need to come to the party. V.5359
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Foreign companies are leaving South Africa due to a hostile business environment, and the government’s response to recent departures discourages future investment. This is according to Business Leadership South Africa CEO Busi Mavuso, who explained in her most recent newsletter that the more attractive a country is, the more often you can expect investment to be made than withdrawn. “You can expect that foreign investors will come and go from South Africa, depending on many things, including global strategies and our links to the rest of the world,” she said. “But while decisions are inevitably going to happen both ways, the more attractive our country is, the more often you can expect investment to be made than withdrawn.” V.5360
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