The long-awaited revisions to Nigeria’s gross domestic product data have been a drawn-out saga. Nevertheless, whenever the revised data are released, they are likely to show that Africa’s most populous nation and largest oil producer have already claimed South Africa’s crown as the continent’s largest economy.
Most developed countries overhaul their GDP calculations every five years to reflect changes in output and consumption. This is particularly true in emerging economies, where measurement techniques tend to be less developed. But Nigeria’s economic output data is still calculated using 1990 as the base year, which fails to capture booming sectors like mobile telecommunications and the “Nollywood” film industry that have emerged since then.
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