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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.
It is also worldâs second most populous continent. 1.111 billion people (2013) live in Africa. Algeria is the largest country (by area) in Africa; and Nigeria is the largest country by population. In early 2014 Nigeria surpassed South Africa as Africaâs largest economy. Here is a brief overview of the largest economies in Africa: Oil and gas contribute significantly to Equatorial Guineaâs economy. The economy of Equatorial Guinea was affected by recession in 2013. It was due to fall in revenue from oil and lower oil and gas output.