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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.
Zambiaâs economy grew at 5.7% per annum over the last decade with the country being among the 10 fastest growing economies of Sub-Saharan Africa in 2012. This has enabled it to attain lower middle income country (MIC) status with a nominal per capita income of US$1,299 (2011).