Nigeria’s vision 20-2020 possible as GDP rebasing makes it 26th largest economy in the world

An oil and gas terminal in southern Nigeria's Niger Delta. Photograph: Pius Utomi Ekpei/AFP/Getty Images

An oil and gas terminal in southern Nigeria’s Niger Delta. Photograph: Pius Utomi Ekpei/AFP/Getty Images

Nigerian economy worth $510bn, far more than previous estimate of $292bn and surpassing South Africa’s $353bn

Officials say Nigeria’s recalculated economy is worth $510bn (£307bn), by far the biggest in Africa, easily surpassing that of the previous continental titleholder, South Africa, at $353bn.

The figures are the result of the first recount since 1990 of the GDP of Africa’s biggest oil producer.

The International Monetary Fund had used the 1990 base to estimate Nigeria’s GDP in 2013 at $292bn. But that did not take into account new industries like telecommunications, information technology, music, airlines, burgeoning online retail outlets and Nollywood film production.

In 1990 there were 300,000 landlines; today Nigeria has 100 million mobile phone users.

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