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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.
Top 20 Largest Economies in Africa. 3. Egypt â GDP: $275.748 Billion. Officially the Arab Republic of Egypt, this transcontinental country entered political uncertainty after the ouster of president Mohamed Morsi in July 2013. Economic growth has been just above the 2 percent mark in the fiscal years 2011/12 and 2012/13.