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

    Syrian Torture Victim Recounts Horrors

    'You make them think you have surrendered' says Jalal Nofal, a doctor who was jailed and survived repeated interrogations in Syria

    Mandela’s Millions Paid to Heirs, But Who Gets His Country Home?

    Saga around $3 million estate of country's first democratic president is far from over as Winnie Mandela’s fight for home overshadows payouts

    Guess Which Beach is 'Best in the US'?

    Hawaii’s Hanauma Bay tops an annual "top 10" list compiled by a coastal scientist, also known as Doctor Beach

    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.
    Chinese-Americans Heart Trump, Bucking National Trendi
    X
    May 27, 2016 5:57 AM
    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.
    Video

    Video Meet Your New Co-Worker: The Robot

    Increasing numbers of robots are joining the workforce, as companies scale back and more processes become automated. The latest robots are flexible and collaborative, built to work alongside humans as opposed to replacing them. VOA’s Tina Trinh looks at the next generation of automated employees helping out their human colleagues.
    Video

    Video Wheelchair Technology in Tune With Times

    Technologies for the disabled, including wheelchair technology, are advancing just as quickly as everything else in the digital age. Two new advances in wheelchairs offer improved control and a more comfortable fit. VOA's George Putic reports.
    Video

    Video Baby Boxes Offer Safe Haven for Unwanted Children

    No one knows exactly how many babies are abandoned worldwide each year. The statistic is a difficult one to determine because it is illegal in most places. Therefore unwanted babies are often hidden and left to die. But as Erika Celeste reports from Woodburn, Indiana, a new program hopes to make surrendering infants safer for everyone.
    Video

    Video California Celebration Showcases Local Wines, Balloons

    Communities in the U.S. often hold festivals to show what makes them special. In California, for example, farmers near Fresno celebrate their figs and those around Gilmore showcase their garlic. Mike O'Sullivan reports that the wine-producing region of Temecula offers local vintages in an annual festival where rides on hot-air balloons add to the excitement.
    Video

    Video US Elementary School Offers Living Science Lessons

    Zero is not a good score on a test at school. But Discovery Elementary is proud of its “net zero” rating. Net zero describes a building in which the amount of energy provided by on-site renewable sources equals the amount of energy the building uses. As Faiza Elmasry tells us, the innovative features in the building turn the school into a teaching tool, where kids can't help but learn about science and sustainability. Faith Lapidus narrates.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8954
    JPY
    USD
    110.07
    GBP
    USD
    0.6802
    CAD
    USD
    1.2932
    INR
    USD
    67.080

    Rates may not be current.