Nigeria has overtaken South Africa as Africa’s largest economy after a rebasing calculation almost doubled its gross domestic product to more than $500 billion, data from Nigeria’s statistics office showed Sunday.
Average Nigerians seemed unimpressed by the news, saying a doubled GDP figure didn’t put money in their pockets. Though GDP per capita rose to $2,688 last year from an estimated $1,437 in 2012, poverty and inequality have widened.
GDP for 2013 in Africa’s top oil producer was 80.22 trillion naira, or $509.9 billion, the Nigeria Bureau of Statistics said, up from the 42.3 trillion naira estimated before the rebasing. The new figure shrank Nigeria’s debt-to-GDP ratio to 11 percent for 2013, against 19 percent in 2012, statistics chief Yemi Kale told reporters in the capital of Abuja.