Nigeria Now Has Africa’s Largest Economy

Revised GDP reports for Nigeria’s economy in 2013 reveal that the country has surpassed South Africa as the African continent’s largest economy. The original estimate of 42.4 trillion naira has now been adjusted to 80.2 trillion naira, allowing Nigeria to “leapfrog” South Africa’s economy and ascend to 24th on the global list of economies.  The primary factor of Nigeria’s GDP ascension has been the growth of the telecom industry; the increase of mobile technology and cell phone usage made this particular industry responsible for a quarter of the rise in GDP.  Other contributing industries include manufacturing and even film making industries. The new figures also reveal that the oil and gas industry, once thought to be the dominant resource of the Nigerian economy, has halved its percentage of GDP.  According to The Economist, “Nigeria now looks like an economy to take seriously.”

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Source: http://www.economist.com/news/finance-and-economics/21600734-revised-figures-show-nigeria-africas-largest-economy-step-change?zid=304&ah=e5690753dc78ce91909083042ad12e30