Monday 7th April , 2014 9:08 am
Nigeria has overtaken South Africa as Africa’s largest economy after a rebasing calculation almost doubled its gross domestic product (GDP) to more than five hundred billion dollars.
That compares with South Africa’s GDP of $370.3bn at the end of 2013.
Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.
Most governments overhaul GDP calculations every few years to reflect changes in output, but Nigeria had not done so since 1990.
Nigeria, Africa’s most populous country with 170 million people, has been growing as an investment destination owing to the size of its consumer market and growing capital markets.