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HEY PRESTO: as if by magic, Nigeria has declared itself the biggest economy in Africa. Overnight, with the wave of a statistical wand, it has added 89% to its GDP, now worth $510 billion, and soared past the previous leader, South Africa, worth $370 billion. Nothing has changed in Nigeriaâs real economy, except the way it is measured. Yet the magic matters. The GDP revision is not mere trickery.
The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent.As of 2012, approximately 1.07 billion people were living in 54 different countries in Africa.fter the Scramble for Africa in the 1880s and the partitioning of the continent among European powers, the continent's former trade routes were replaced with new ones and its economies were radically changed.