Nigeria had plenty to cheer about last Sunday when it was declared Africa’s largest economy thanks to new GDP data. But the numbers didn’t reveal that it had been 24 years since the calculation method was last updated. Until now, Nigeria wasn’t factoring in booming industries like telecommunications and film, which explains why the market value for goods and services soared to $510 billion, seemingly overnight. Despite its wealth, areas of Nigeria are still plagued by extreme poverty. The update raises questions about the measurement of wealth and the truth behind the data.
Source: The Atlantic