Nigeria is now Africa’s biggest Economy- what it means to Uganda
By Kasirye Ibrahim In one day, Nigeria’s GDP increased by 89% and leap frogged South Africa to become the continent’s largest economy. The Nigerian economy is now officially valued at 80.3trillion Naira (US$ 510 billion) and the country has become 24 th largest economy in the world. The Nigerian government announced the re-valuation of the country gross domestic product (GDP) figures on April 7 th 2014. Based on the International Monetary Fund (IMF), Uganda’s GDP in 2013 was US$ 23 billion and this placed the country at 102 position in the global rankings. This revaluation means that the Nigerian economy is now more than 22 times larger than the Ugandan economy. Although changes in the GDP base may directly increase other metrics used to capture income status such as GDP per capita, actual welfare status may not change much given the very large informal and non-monetary economy that is characteristic of African countries. Indeed, recent statistics show that the ...