Open

Coming up

Don't miss

Replay


LATEST SHOWS

#TECH 24

Anonymous Vs ISIS

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

Read more

AFRICA NEWS

Nigeria attack: Bomb blast in college in Kano

Read more

AFRICA NEWS

Ebola: Lockdown brings Sierra Leone capital to a halt

Read more

MEDIAWATCH

Sarkozy's political comeback: did he ever leave?

Read more

DEBATE

The World This Week

Read more

FRANCE IN FOCUS

Travel chaos: Air France pilots take industrial action

Read more

THE BUSINESS INTERVIEW

Christian Kastrop, Director of Policy Studies, OECD

Read more

AFRICA NEWS

Ebola: UN Security Council unanimously passes resolution

Read more

Africa

Nigeria surpasses South Africa as continent's biggest economy

© PIUS UTOMI EKPEI, AFP

Text by FRANCE 24

Latest update : 2014-04-06

Nigeria has overtaken South Africa as Africa’s largest economy after a recalculation made by its own statistics office showed a nearly doubled GDP, officials reported on Sunday.

The GDP for 2013 in Africa’s top oil producer totalled 80.3 trillion naira, or $509.9 billion, the Nigeria Bureau of Statistics said, an increase from the 42.3 trillion estimated before the rebasing calculation.

The new figure shrank Nigeria’s debt-to-GDP ratio to 11 percent for 2013, against 19 percent in 2012, statistics chief Yemi Kale told reporters in the capital of Abuja.

Most governments overhaul GDP calculations every few years to reflect changes in output and consumption, but Nigeria had not done so since 1990, so sectors such as e-commerce, and its prolific “Nollywood” film industry had to be newly factored in to give a more accurate picture. The mobile phone industry has also blossomed in Nigeria. In 1990, there were 300,000 landlines. Today, Nigeria has 100 million cell phone users.

Growing attention from foreign investors was forcing Nigeria to more accurately calculate its statistics, including GDP, Kale said, adding that the base year would now be recalibrated every five years, in line with global norms.

Instability still hampers investment

Nigeria, Africa’s most populous country with 170 million people, has been growing as a destination for foreign investors owing to the size of its consumer market and increasingly sophisticated capital markets.

But political risk as Nigeria approaches hotly contested elections in February next year remains a concern, as does a bloody insurgency waged by Islamist sect Boko Haram in the country’s poor and underdeveloped northeast.

President Goodluck Jonathan’s suspension in February of respected central bank chief Lamido Sanusi after he had publicly questioned massive oil revenue leakages from the state oil firm did not impress debt and equity investors, some of whom sold off holdings.

(FRANCE 24 with REUTERS, AP)
 

Date created : 2014-04-06

  • FRANCE - AFRICA

    France 'must double' trade with Africa, Hollande says

    Read more

  • FOOTBALL

    Nigeria, Ivory Coast qualify for World Cup finals

    Read more

  • Culture

    Revered Nigerian author Chinua Achebe dies at 82

    Read more

COMMENT(S)