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AFRICANGLOBE - Nigeria, currently Africa’s biggest economy with a GDP of $510 billion, will be the only African country amongst the 20 largest economies in the world by 2030. This is indicated in a macro-economic projection by the US Department of Agriculture.
AFRICANGLOBE - Lagos is an ancient maritime town with more than 2,000 years of history. Once Nigeria’s capital, it had a population of a little less than 300,000. But in just about five decades it has grown not only into the continent’s most populous city, but one of the top economic powerhouses.
AFRICANGLOBE - When Nigeria declared itself the largest economy in Africa, surpassing South Africa in GDP. According to Nigeria’s National Bureau of Statistics, the GDP numbers had been inaccurate for years. A recalculation by the statistics bureau showed the country’s statisticians were missing almost half of Nigeria’s economic activity.
AFRICANGLOBE - According to experts, Nigeria’s catch up to South Africa will be confirmed by the results of a planned rebasing of the country’s gross domestic product (GDP), with the new figures to be made known in early 2014. “Historically, it has been said that 60 to 70 percent of Nigerians are engaged in agriculture,” Nigeria’s Statistician-General, Yemi Kale was recently quoted as saying.
AFRICANGLOBE - Nigeria is likely to take South Africa's position as the continent's largest economy within two years, a Reuters' poll has found. Nigeria's gross domestic product will receive an enormous boost when it is rebased by year end to more accurately reflect changes in the economy over the last two decades.
AFRICANGLOBE - A recent PwC 2013 report has disclosed that with the oil rich West African nation’s projected rise in Purchasing Power Parity, in terms of Gross Domestic Product, from $2.6 billion to $3.9 billion, Nigeria is on its way to become one of the top 20 leading economies
AFRICANGLOBE - Nigeria may occupy the 13th position as one of the leading G20 economies in the World by 2050, a report released by international accounting firm, PricewaterhouseCoopers (PwC) has revealed.The PwC 2013 report disclosed that with the oil rich West African nation’s projected rise in Purchasing Power Parity (PPP), in terms of Gross Domestic Product (GDP), from $2.6 billion to $3.9 billion by 2050, Nigeria is on its way to become one of the top 20 leading economies by the projected year.
Angola, which recently offered Portugal a bail-out package heedlessly, is now in the middle of a $32 billion accounting scandal. Before pouring more details let me zero-in on this amount from an African context. This $32 billion, not million, is slightly more than four times the current budget of the government of the United Republic of Tanzania, which is less than $8 billion.
Ghana's economic growth has been projected to be the fastest-growing in the world for the first half of 2011, by EconomyWatch.com. Ghana's Gross Domestic Product (GDP), which at the time was estimated to have grown 20.146 percent, was far ahead of the 14.337 percent recorded by Qatar as the next fastest-growing country.