News / Economy

Nigeria Declares Self Africa's Largest Economy

FILE - A staff member inputs data into a computer at a warehouse of Konga online shopping company in Ilupeju district in Nigeria's commercial capital Lagos Sept. 13, 2013.FILE - A staff member inputs data into a computer at a warehouse of Konga online shopping company in Ilupeju district in Nigeria's commercial capital Lagos Sept. 13, 2013.
x
FILE - A staff member inputs data into a computer at a warehouse of Konga online shopping company in Ilupeju district in Nigeria's commercial capital Lagos Sept. 13, 2013.
FILE - A staff member inputs data into a computer at a warehouse of Konga online shopping company in Ilupeju district in Nigeria's commercial capital Lagos Sept. 13, 2013.
VOA News
Nigerian statistics chief Yemi Kale said Sunday the country's economy is estimated at about $490 billion, easily topping the $384 billion figure the World Bank calculated for South Africa in 2012.
 
Nigeria reached the new figure for its economy, the 26th largest in the world, after taking into account such industries as airlines, telecommunications, and information technology that were not included in its last calculation in 1990. Nigeria said then it had 300,000 landline telephones, but now boasts 100 million cell phone users.
 
With the new data, Nigeria could replace South Africa as the continent's only representative among the Group of 20 leading global economies.  But South Africa, with a much smaller population than Nigeria, has a substantially higher per capita income ($7,336 to $2,688).
 
The most recent poverty survey by the World Bank reported that 61 percent of Nigeria's 170 million people live on less than a dollar a day.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Christmas Gains Popularity in Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

This forum has been closed.
Comment Sorting
Comments
     
by: Raphael Ufuoma Williams from: Pretoria, South Africa
April 11, 2014 5:28 PM
What else can one expect from western journalists about Nigerian than critical opinions, orchestrated from a deep-sitted jealousy and outright hatred of the black man and his progress? Whether you like it or not, Nigeria is Africa's largest economy, period. We, the patriotic people of Nigeria celebrate it. Whoever is not happy can simply commit suicide.


by: Abdul from: Nigeria
April 07, 2014 4:21 PM
I find this rather annoying given the fact that the Federal Government is actually celebrating the fact that Nigerians could have been some of the most prosperous people on the planet, yet well over 100 million of its citizens live on less than $1 a day. Shame on you corrupt nitwits!


by: Alhassan from: Gombe
April 07, 2014 3:53 PM
A. Strong economy that was fully run by Generator


by: Ucheya from: Ivory Coast
April 07, 2014 3:22 PM
How do they arrive at this?
Is the growth on the paper or in reality?
Any economic growth that do not put three square meal on the people's table is useless.


by: tayo olowe from: igbara odo ekiti
April 07, 2014 2:45 PM
Congratulation! Let this reflect on energy and unemployment in the country.


by: tunde from: London
April 07, 2014 2:17 AM
That is good for Nigeria government and people in nig that is challenges.


by: Rowland Tella from: Lagps
April 07, 2014 12:55 AM
Having realistic accessment of ones achievements is healty. That Nigeria 's economy is world 's 26th ahead of South Africa has been emperically verified So its true. Effort should be put into designing instruments that will help make the 'affluence' impact more on Nigerians.


by: jkay1195 from: Austria
April 06, 2014 9:11 PM
BBC use to be accertive and subjective when reporting Nigeria. Why are you reporting this rebasing as if from a distance or a bad news? They actually reported $510 billion and not $490 billion on this report. Congrate Nigeria.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8143
JPY
USD
119.23
GBP
USD
0.6390
CAD
USD
1.1596
INR
USD
63.304

Rates may not be current.