According to the newest government calculations, Nigeria is now the biggest economy in Africa, surpassing South Africa and moving to be number 26th of the world’s largest economy. The new calculations take into account changes in production and consumption since the last time the exercise was carried out in 1990 and indicated that the economy grew to $453-billion in 2012, instead of $264-billion as measured by the World Bank for that year.
This economic boom is due to wide interest shown by international investors and the emergence of new markets such as the massive mobile telephone markets, music and local film industry better known a Nollywood. With 170-million people, Nigeria is about three times the size of South Africa and has enjoyed high rates of growth, notwithstanding widespread corruption, poor governance, rampant oil theft and a raging Islamist insurgency in the north.
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