Nigeria becomes Africa's largest economy

[ScienceRocks]

Nigeria becomes Africa's largest economy


South Africa overtaken as biggest economy in Africa after Nigeria rebases GDP calculation to more than $500bn.

Nigeria has overtaken South Africa as Africa's largest economy after a rebasing calculation almost doubled its gross domestic product to more than $500bn, data from the statistics office showed.

GDP for 2013 in Africa's top oil producer was 80.22 trillion naira, or $509.9bn, the Nigeria Bureau of Statistics said on Sunday, up from the 42.3 trillion estimated before the rebasing, according to the Reuters news agency.

Most governments overhaul GDP calculations every few years to reflect changes in output, but Nigeria had not done so since 1990, so sectors such as e-commerce, mobile phones and its prolific "Nollywood" film industry - now worth 1.4 percent of GDP, Kale said - had to be factored in to give a better picture.

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.

Nigeria becomes Africa's largest economy - Africa - Al Jazeera English

 

[HenryBHough]

And to think that all that wealth was donated by Americans in response to internet pleas by Nigerians who need just a little front money to collect a huge sum and share it.......

 

[Mr. H.]

90% of those poor bastards live in squalor.

 

[HenryBHough]

90% of those poor bastards live in squalor.

Which is still a rather small city on the world scale.

 

[Imperious]

I was just reading about this, and I happen to have a cyber friend who lives there.
He was informing me that most of the money is taken by the rich, and therefore, as a country, they never progress. Not sure how founded his claims are, but I am under the impression that mass corruptions stops this from ever progressing the country infrastructure. What a shame.

 

[william the wie]

I was just reading about this, and I happen to have a cyber friend who lives there.
He was informing me that most of the money is taken by the rich, and therefore, as a country, they never progress. Not sure how founded his claims are, but I am under the impression that mass corruptions stops this from ever progressing the country infrastructure. What a shame.

Nigeria does have its problems. Except for the commie bozo currently running South Africa and Mugabe in Zimbabwe, southern and eastern Africa have competence similar to southern and eastern Europe of ten years ago. Now that I have managed to insult half of two different continents all I can say is beat that mark baby.

 

[ScienceRocks]

I was just reading about this, and I happen to have a cyber friend who lives there.
He was informing me that most of the money is taken by the rich, and therefore, as a country, they never progress. Not sure how founded his claims are, but I am under the impression that mass corruptions stops this from ever progressing the country infrastructure. What a shame.

Time for some liberalism Nigeria should read up on American(1900-1950) and British history on how to go about this.

 

[Politico]

They must have finally gotten all those millions out of the country.