Nigeria’s economy is now worth $510 billion and has now overtaken South Africa as the largest on the continent.
The economy has been recalculated by adding industries that did not exist in 1990, the last time the GDP was counted. Music, Nollywood, information technology and telecommunications have exponentially added to growth.
While the news has been received positively in some sectors who see it as a boost for investors, others were more sceptical citing the lack of impact the GDP recalculation would have on the millions living in poverty. 84.5% of people in Nigeria live on less than $2 a day compared to 31.3% in South Africa.
What do you think about the economy recalculation? Is it good for Nigeria?