Following significant revisions to historical GDP data, Nigeria was confirmed as the largest economy in Africa earlier this month. Measured GDP has almost doubled to US$510bn, placing Nigeria comfortably ahead of South Africa, which was previously thought to be the region’s largest economy with GDP of around US$350bn. What’s more, the GDP revisions show significant changes to the structure of the Nigerian economy, with more weight being given to consumer-facing sectors and less to the underperforming oil sector.
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