Nigeria’s economy is worth $510bn after recalculation according to officials. The recount now makes the West African country the biggest GDP in Africa. Previously South Africa was the leader in GDP at $353bn. The new figures are due to the first recount since 1990 of the GDP of Africa’s biggest oil producer.
According to the The Guardian, “The International Monetary Fund had used the 1990 base to estimate Nigeria’s GDP in 2013 at $292bn. But that did not take into account new industries like telecommunications, information technology, music, airlines, burgeoning online retail outlets and Nollywood film production.”
What does this mean for the future of Nigeria?