Ngozi Okonjo Iweala: Nigeria's Global Economy
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Abuja (AFP) - Nigeria on Sunday became Africa's biggest economy, leap-frogging South Africa, after the government announced a long-overdue rebasing of the country's gross domestic product. The new calculations take into account changes in production and consumption since the last time the exercise was carried out in 1990, including an added focus on communications and the movie industry. The data indicated that the economy grew to $453 billion in 2012, instead of $264 billion as measured by the World Bank for that year. South Africa's economy was at $384 billion in 2012, according to the World Bank. Estimates for 2013 indicated further expansion to $510 billion, Nigeria's chief statistician, Yemi Kale, told a news conference in the capital, Abuja. "Nigeria has moved to be the largest economy by GDP size in Africa and has moved to be the 26th largest economy in the world," finance minister Ngozi Okonjo-Iweala said.
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Abuja (AFP) - Nigeria on Sunday became Africa's biggest economy, leap-frogging South Africa, after the government announced a long-overdue rebasing of the country's gross domestic product.
The new calculations take into account changes in production and consumption since the last time the exercise was carried out in 1990, including an added focus on communications and the movie industry.
The data indicated that the economy grew to $453 billion in 2012, instead of $264 billion as measured by the World Bank for that year.
South Africa's economy was at $384 billion in 2012, according to the World Bank.
Estimates for 2013 indicated further expansion to $510 billion, Nigeria's chief statistician, Yemi Kale, told a news conference in the capital, Abuja.
"Nigeria has moved to be the largest economy by GDP size in Africa and has moved to be the 26th largest economy in the world," finance minister Ngozi Okonjo-Iweala said.
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