Aliko Dangote, Africa’s richest man and president of Dangote Group, says Nigeria remains the number one economy in Africa.

Dangote, who spoke at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, said the problem with the economy did not start with this current administration.

“The root cause of this economy issues clearly predates this administration,” he said.

He added that “Personally I don’t believe the numbers that South Africa has overtaken us as the biggest economy in Africa.”

Earlier on Wednesday, news broke that South Africa had overtaken Nigeria as Africa’s biggest economy.

According to BBC, a recalculation by the International Monetary Fund, IMF, using current exchange rates, put South Africa on top because the rand has strengthened against the dollar.

The value of South Africa’s economy is put at around $301 billion while Nigeria comes second at $296 billion.