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HEY PRESTO: as if by magic, Nigeria has declared itself the biggest economy in Africa. Overnight, with the wave of a statistical wand, it has added 89% to its GDP, now worth $510 billion, and soared past the previous leader, South Africa, worth $370 billion. Nothing has changed in Nigeriaâs real economy, except the way it is measured. Yet the magic matters. The GDP revision is not mere trickery.
As a result, Nigeria determined that its GDP surpassed South Africaâs in 2012 to become the continentâs largest economy. About 15,700 millionaires and a handful of billionaires live in Nigeria, more than 60 percent of them in Lagos.