Nigeria Becomes Africa's Biggest Economy
Nigeria Becomes Africa’s Biggest EconomyIn early April, Nigeria became Africa's biggest economy, overtaking South Africa in an announcement from the government that examined the country's GDP (Gross Domestic Product), BBC News reported.
The long-overdue new calculations take into account changes in production and consumption since the last time the exercise was carried out in 1990, included an added focus on communications and the film industry.
The data indicated that the economy grew to $453 billion in 2012, and not $264 billion as measured by the World Bank in 2012. According to the World Bank data, South Africa's economy was at $384 billion in 2012.
Estimates for 2013 indicated further expansion to $510 billion, Nigeria's chief statistician, Yemi Kale, stated at a news conference in the country's capital, Abuja.