Nigeria, Africa's number one economic power

Nigeria beat South Africa and proclaimed to be the strongest economy on the African continent and the 26th largest economy in the world, after the Government published the revised statistics, they showed that the country's GDP reached 89% higher than the initial data.

Overnight, the Nigerian government has added an extra 89% to the country's GDP in 2013, compared to baseline, worth up to $510 billion. Nigeria has overtaken the output above the national leader of the continent, South Africa, who has achieved only $370 billion. However, nothing has changed in the real economy of Nigeria, except how GDP is measured, writes The Economist, on the subject. 

The Nigerian economy leap occurred after the basic period, taken into consideration, changed from 1990-2010, on the grounds that in the 90s there was a very different economic structure, and services such as banking, telecom or movie (Nollywood) had just emerged. The new given value of the GDP is really the most appropriate image size to the Nigerian economy, given that the latter has increased by an average of 7% in the last decade. The base has strengthened the country's sovereign credit perspective without changing the size of the debt or the ability to pay it down.

The number of economic activities included in the new calculation increased 33-46 and represents the increased contribution for services in the construction, manufacturing and utilities sectors, while the contribution for agriculture, oil and gas fell. The former British colony, Nigeria is the largest oil producer and is also the largest populous nation in Africa, but its extraction activity of soil depths caused harmful side effects to the vegetation and population.