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Nigeria becomes Africa's largest economy
South Africa overtaken as biggest economy in Africa after Nigeria rebases GDP calculation to more than $500bn.
Nigeria becomes Africa's largest economy - Africa - Al Jazeera English
South Africa overtaken as biggest economy in Africa after Nigeria rebases GDP calculation to more than $500bn.
Nigeria has overtaken South Africa as Africa's largest economy after a rebasing calculation almost doubled its gross domestic product to more than $500bn, data from the statistics office showed.
GDP for 2013 in Africa's top oil producer was 80.22 trillion naira, or $509.9bn, the Nigeria Bureau of Statistics said on Sunday, up from the 42.3 trillion estimated before the rebasing, according to the Reuters news agency.
Most governments overhaul GDP calculations every few years to reflect changes in output, but Nigeria had not done so since 1990, so sectors such as e-commerce, mobile phones and its prolific "Nollywood" film industry - now worth 1.4 percent of GDP, Kale said - had to be factored in to give a better picture.
Nigeria, Africa's most populous country with 170 million people, has been growing as an investment destination owing to the size of its consumer market and growing capital markets.
Nigeria becomes Africa's largest economy - Africa - Al Jazeera English