Nigeria’s GDP Largest in Africa
Via the BBC: Nigeria becomes Africa’s biggest economy
Nigeria has "rebased" its gross domestic product (GDP) data, which has pushed it above South Africa as the continent’s biggest economy.
Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.
GDP for 2013 totalled 80.3 trillion naira (£307.6bn: $509.9bn), the Nigerian statistics office said.
That compares with South Africa’s GDP of $370.3bn at the end of 2013.
That is the total economic output, but on the more significant per capita measure, South Africa remains quite a bit larger:
Nigeria’s economic output is underperforming because at 170 million people, its population is three times larger than South Africa’s.
On a per-capita basis, South Africa’s GDP numbers are three times larger than Nigeria’s.
Indeed, according to the CIA World Factbook, Nigeria’s GDP per capita is $2,800 and South Africa’s is $11,500 (PPP 2013 estimates). That puts Nigeria at 180th in the world and South Africa at 108th. South Africa’s per capita GDP is comparable to Brazil’s while Nigeria’s is like the Sudan or Cambodia.
As such, the following strikes me as an accurate assessment:
Nigerian financial analyst Bismarck Rewane called the revisions "a vanity".
He added: "The Nigerian population is not better off tomorrow because of that announcement. It doesn’t put more money in the bank, more food in their stomach. It changes nothing."