NIGERIA Turns The Biggest Economy in Africa

Nigeria’s Economy Now The Biggest in Africa As GDP Soars To US$510 Billion, Beating South Africa’s US$353 Billion
Officials say Nigeria’s recalculated economy is worth $510billion, by far the biggest in Africa and easily surpassingthat of previous continental titleholder, South Africa, at $353 billion.Figures announced Sunday are the first recountsince1990 of the GDP of Africa’s biggest oil producer but dolittle for the 112 million Nigerians scrabbling to survive inpoverty.The International Monetary Fund had used the 1990 baseto estimate Nigeria’s GDP in 2013 at $292 billion. Butthat did not take into account new industries liketelecommunications, information technology, music,airlines, burgeoning online retail outlets and Nollywoodfilm production that didn’t exist when the last GDP countwas made in 1990. Then, there were 300,000 landlines.Today, Nigeria has 100 million cell phone users.