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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.
Overall, the country is estimated to have the world s fifth-largest mining sector in terms of GDP value. With South Africa s economy built on gold and diamond mining, the sector is an important foreign exchange earner, with gold accounting for more than one-third of exports.In 2009, the country s diamond industry was the fourth largest in the world. South Africa is also a major producer of coal, manganese and chrome.Given its history and mineral wealth, it is no surprise that the country s mining companies are key players in the global industry.verall, the country is estimated to have the world s fifth-largest mining sector in terms of GDP value. With South Africa s economy built on gold and diamond mining, the sector is an important foreign exchange earner, with gold accounting for more than one-third of exports.