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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.
Nigeria is the largest economy and most populous country in Africa with an estimated population of more than 180 million and an estimated gross domestic product of 510 billion USD in 2013. Although Nigeria's economy has become more diversified, crude oil sales have continued to be the main source of export earnings and government revenues. Despite persistent structural weaknesses such as a deficient transportation infrastructure, the Nigerian economy grew briskly for the decade ending in 2013.