China's plummeting commodities demand hits major economies in Africa

Over-reliance on commodities exports to China is now pulling the rug out from under a number of African economies as demand wanes and prices tumble, The New York Times reported. The currencies of both Nigeria and South Africa fell to record lows in January as Beijing announced imports from the continent had fallen almost 40% in 2015. Some economists now expect South Africa – Africa’s biggest exporter of iron ore to China and one of its most advanced and diversified economies – to slide into a recession in 2016 as it is faced with a slump in mining, as well as manufacturing and agriculture.