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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.
By Nathaniel Simons, The Africa Channel. No matter how one feels about the issue of foreign investment in Africa, one thing is clear: itâs happening. According to the International Monetary Fund, five of the worldâs fastest growing economies will be in Sub-Saharan Africa. Africa is the worldâs next big frontier market according to The Wall Street Journal, which also suggests the continentâs economy is projected to grow to $2.6 trillion, up from $1.6 trillion in 2008.