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  • Nigeria becomes Africa's biggest economy

    From bbc.co.uk

    Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production. GDP for 2013 totalled 80.3 trillion naira (£307.6bn: $509.9bn), the Nigerian statistics office said. That compares with South Africa's GDP of $370.3bn at the end of 2013. 'Changes nothing' However, some economists point out that Nigeria's economic output is underperforming because at 170 million people, its population is three times larger than South Africa's. On a per-capita basis, South Africa's GDP numbers are three times larger than Nigeria's. Continue reading the ... (full story)

We are yet to feel the impact of the economy. There is so much poverty every where. Only the politician are eating the money.
Yes that is true and the fact is that unless the leaders will stop embezzling funds, the Nigerian economy will never move forward.
this news is nonsense because the masses are poor and can't even feed.

so since the masses are poor and Nigeria is rich up to this extent that means that FEW PEOPLE ARE THE BIGGEST ECONOMY OF AFRICA

The country is just funny. really funny!
May GOD bless Nigeria - Amen!
I've worked in Nigeria (got a gun wound to prove it ! ) and poverty is NOT the real problem - corruption and nepotism is at the root.

Get rid of the ideological dimwits in charge and Nigeria will develop rapidly, but that is easier said than done :-(
There has been complete power blackout in my locality for several years now without the authorities batting an eyelid, and I completely rely on gasoline power generator to power my computer, a very expensive and unhealthy alternative. For internet connectivity, I use three different GSM networks with the hope that one will work when I need to be online, yet internet access often cease when you are in the midst of a trade. This is what you get in spite of the high data tariffs of the telecommunication companies. All hail Africa's biggest economy!
POSSIBILITIES ARE INFINITE, YOU CAN ACCOMPLISH ANYTHING!
The Data shows Nigeria is growing that is the basic truth. If you say your country is corrupt what have you done to help your country? It is easier said than done. Wake up and fight corruption. Everybody got a quota to contribute...
Nigeria is a growing economy. The GDP rebasing is a good step towards prosperous future. We all have role to play to improve living standard of our people. FOREX business is coming up now, with right infrastructure like electricity and broadband internet facilities, I forecast 5% contribution of FOREX business to GDP in the next 10 years. Nigeria has a lot of untapped income generating resources like Gold, Platinium, Diamond, Water Transportation, Coal, Cocoa (under-produced now) and soon. Every country has its problems, we shall overcome our own problems. Most interesting thing about Nigerians is they are hard working, intelligent and enterprising. God bless Nigeria and Africa.
Quoting Twinsbossom
Nigeria is a growing economy. The GDP rebasing is a good step towards prosperous future. We all have role to play to improve living standard of our people. FOREX business is coming up now, with right infrastructure like electricity and broadband internet facilities, I forecast 5% contribution of FOREX business to GDP in the next 10 years. Nigeria has a lot of untapped income generating resources like Gold, Platinium, Diamond, Water Transportation, Coal, Cocoa (under-produced now) and soon. Every country has its problems, we shall overcome our...
good one, Godbless Nigeria
God has already bless Nigeria but one thing still remain let Him bless us with good leaders and Nigeria will be the best.
Sadly the release had no impact the Central Bank of Nigeria official exchange rate remains the same (before and after the figures), the USD did not drop against the Naira so I guess the international and local community were not moved by the release. Think about it how other countries release monthly quarterly and yearly figures but how come the last release was in 1990.
Guess that's the #1 reason no one took the figures seriously.
Let it turn and find your entry.
For a country facing multiple issues , such advancement in figures is remarkable.
As far as the impact on the masses or exchange rate is concerned , how are things suppose to change overnight when it is always a process !?
Quoting Fx Hiflyer
For a country facing multiple issues , such advancement in figures is remarkable.
As far as the impact on the masses or exchange rate is concerned , how are things suppose to change overnight when it is always a process !?
Exactly my point, remarkable figures wont do the magic.
Let it turn and find your entry.
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  • Posted: Apr 6, 2014 5:00pm
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 13  /  Views: 3,919