Nigeria is now the biggest economy in Africa

Nigeria has ascended to being the largest economy in Africa. This follows the rebasing of its gross domestic product (GDP) to $509.9-billion. South Africa’s nominal GDP stood at around $322-billion.

We chuckled at South Africa's Trade and Industry (DTI) minister who welcomed Nigeria's new position, saying that "this is not the Absa Currie Cup" (our domestic rugby football competition). Dr Davies was introducing the new Industrial Policy Action Plans (IPAPs), areas of the economy identified as holding growth potential and which will enjoy greater government support. This will be dealt with in a subsequent blog.

Nigeria has a population more than three times the size of South Africa. Read about the Nigerian economy on the Nigerian Investment Promotion Commission website.