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Nigeria: Our $510bn economy is biggest in Africa

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Staff writer ▼ | April 7, 2014
NigeriaNigeria's recalculated economy is worth $510 billion, by far the biggest in Africa, officials of the country where 70 percent of citizens live in poverty announced.

The new value of Nigeria's GDP adds previously uncounted industries like telecommunications, information technology, music, airlines, burgeoning online retail outlets and Nollywood film production that didn't exist when the last GDP count was made in 1990. Then, there were 300,000 landlines. Today, Nigeria has 100 million cell phone users.

The new figures also will take account of growth in agriculture and tourism that have flourished since democracy was restored in 1999, ending decades of military dictatorship.

South Africa's GDP of $353 billion was previously counted the biggest on the continent and which is the only African member of the G20.

Finance Minister Ngozi Ikonjo-Iweala told a news conference that the new data makes Nigeria the 26th largest economy in the world and raises its per capita income to $2,688, making it 121st in the world, up from 135th.

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