Nigeria becomes biggest economy in Africa (Update:Nigeria)

London, Apr. 14: Nigeria has become Africa’s biggest economy, after the government announced a long-overdue rebasing of the country’s gross domestic product.

The country’s GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines and film production.

According to the BBC, the Nigerian statistics offices said that the country’s GDP for 2013 totalled 509.9 billion dollars, that compares with South Africa’s GDP of 370.3 billion dollars at the end of 2013.

Rebasing is carried out so that a nation’s GDP statistics give the most up-to-date picture of an economy as possible.(ANI)