Nigeria may have bypassed South Africa as the No. 1 economy in Africa, but South Africa’s per capita income is almost three times higher than Nigeria’s and that’s the most important measure of the economy, a South African economist said in a DigitalJournal report.

The result of a long-awaited rebasing of Africa’s most populous nation showed that Nigeria’s gross domestic product of $453 billion in 2012 was higher than South Africa’s $384 billion.

Being Africa’s No. 1 economy is a great boost of confidence for Nigeria, but it won’t change much, said Dennis Dykes, an economist at South Africa’s Nedbank.

South Africa’s $7,508 GDP per capita is higher than Nigeria’s $2,688 and that’s still the most important measure of the economy, Dykes told DigitalJournal.

Nigeria’s population of 170 million is about three times the size of South Africa’s, but its economy battles challenges that hamper business activity such as poor infrastructure, DigitalJournal reports.

“South Africa will remain one of the important economies of the continent, though this rebasing will be a significant step in establishing Nigeria as a true African powerhouse,” Investec portfolio manager, Roelof Horne told DigitalJournal.

Nigeria’s new position as Africa’s largest economy should be viewed positively, Dykes said.

“It’s important that economies (are) measured accurately…it gives potential investors a good picture of activity,” he said. “The new figures should help South African investors identify new opportunities in Nigeria, especially in areas that were previously not factored in.”

South Africa has been hit by slow economic growth since the 2008 global recession. Its growth has lagged behind many of the world’s developing economies.

World Bank revised the South Africa’s growth outlook from 3.2 percent down to 2.7 percent for 2014 amid high unemployment, according to the report.