Its not news anymore that Nigeria has overtaken South Africa as the continent’s largest economy.The Statistician - General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6. he said fresh calculation had shown nearly a doubling of Nigeria’s gross domestic product.
The Gross Domestic Product (GDP) for Nigeria was 80.3 trillion naira ($510 billion, 369 billion euros) in 2012, the country’s statistics bureau added on Sunday.
That is nearly double the previous estimate of 42.3 trillion naira assumed before the so-called rebasing, and far above South Africa’s 2012 result of $384 billion.
The new calculations take into account changes in output in consumption since the last time Nigeria had done a GDP calculation in 1990.
Nigeria’s new GDP value includes previously uncounted sectors such as information technology, digital telecommunications music, airlines, online retail outlets and the hugely popular local film industry, Nollywood.
“Nigeria has moved to be the largest economy by GDP-size in Africa and has also moved to be the 26th largest in the world,” finance minister and former World Bank managing director Ngozi Okonjo-Iweala said.
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