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.
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    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.

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    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.

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