Geography @ NumptyNerd
  • Home Page
  • Globalisation
    • Globalisation: a Geographical Process
    • Globalisation: Diaspora
    • Globalisation: Cultural Diffusion
    • Globalisation: fashion victims
    • Globalisation and Identity
    • Globalisation and Food Cultures
  • People & Planet
    • Agro-industrialisation
    • Air Pollution
    • Biodiversity loss is a SDG
    • China after the one child policy
    • Desertification in China
    • Natural Causes of Climate Change
    • Renewable Energy
    • Slow Food Movement
    • Technology: a Geographical Perspective
    • The Debate about Aid
    • Tourism: the Butler Model
    • Tourism as a Development Strategy
  • Places
    • Africa is not a country
    • Bangladesh: tourism
    • Milan - Italy's Superstar City
    • Nigeria: Africa's biggest economy
    • London: the capital city of the world?
    • Salford: a city regenerated?
  • The Tool Shed
    • Climate Graphs
    • Images and Captions
    • Critical Thinking >
      • Misleading Maps
      • Mapping an alternative World
      • Language and Geography
      • Gross Domestic Lies

Africa's Jumbo Economy

Nigeria: Africa's largest economy?

PictureSource: Economist, April 2014.
Nigeria, not South Africa, is Africa's number one economy. 

Nigeria has boosted its GDP figures by 89%. This not to say that it economy has grown by this colossal amount. This mega increase reflects a change in the way the oil producing giant calculates its GDP. 

Famous for its corruption, one might be sceptical of such an unbelievable increase in Nigeria's wealth. However, The Economist lends its support to Nigeria by stating that "the GDP revision is not mere trickery. It provides a truer picture of Nigeria’s size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years."

Nigeria's reputation in the world as a place to invest and do business has been marred by its poor image of corruption, mismanagement and crime.

Yet this may change. The Economist presents a new picture of the African giant.  Its economy has been growing by around 7% each year for the past ten. Lagos, it suggests, may now be the place to invest. Its the most populous nation in Africa and growing fast.
Key facts about Nigeria
  • Population: 166.6 million (UN, 2012)
  • Capital: Abuja
  • Largest city: Lagos
  • Life expectancy: 52 years (men), 53 years (women) (UN)
  • Main exports: Petroleum, petroleum products, cocoa, rubber
  • GNI per capita: US $1,280 (World Bank, 2011)
Source: BBC News
Nigeria answering your call? Could Nigeria overtake India as the outsourcing capital of the world?
Picture
Nigeria's new found fame as Africa's number one economy is in line with British economist, Jim O'Neill, casting Nigeria as one of the MINT economies (Mexico, Indonesia, Nigeria and Turkey). 

After the BRIC economies, the MINTS are the four economies that are expected by Goldman Sachs and the World Bank to do especially well. By 2050, GDP in Nigeria could be close that of Germany.

If its large, youthful, population continues to grow, Nigeria will compete with the USA to become the world's third largest nation in 2050.

Nigeria's demographic advantage could enable it to compete with both India and China as the world's low-cost labour location.

Whilst the future for Nigeria may look promising, it faces challenges. Within the country the poor and those in marginal groups will need to struggle to share in their nation's growing prosperity. 

About Numpty Nerd™


​Numpty Nerd™ is for anyone who loves Geography.
Geography is about learning to change the future. People need to have knowledge that empowers them to develop a sustainable future. Geographers aim to foster sustainable relationships between people and their environments.

Every effort is made to respect copyright, if you think something here belongs to you, please contact Numpty Nerd.™ This is a non-profit website. The stuff here is protected by the usual copyright laws. Please remember to cite Numptynerd.net as your source.

Picture
Numpty Nerd - Made in Hong Kong
  • Home Page
  • Globalisation
    • Globalisation: a Geographical Process
    • Globalisation: Diaspora
    • Globalisation: Cultural Diffusion
    • Globalisation: fashion victims
    • Globalisation and Identity
    • Globalisation and Food Cultures
  • People & Planet
    • Agro-industrialisation
    • Air Pollution
    • Biodiversity loss is a SDG
    • China after the one child policy
    • Desertification in China
    • Natural Causes of Climate Change
    • Renewable Energy
    • Slow Food Movement
    • Technology: a Geographical Perspective
    • The Debate about Aid
    • Tourism: the Butler Model
    • Tourism as a Development Strategy
  • Places
    • Africa is not a country
    • Bangladesh: tourism
    • Milan - Italy's Superstar City
    • Nigeria: Africa's biggest economy
    • London: the capital city of the world?
    • Salford: a city regenerated?
  • The Tool Shed
    • Climate Graphs
    • Images and Captions
    • Critical Thinking >
      • Misleading Maps
      • Mapping an alternative World
      • Language and Geography
      • Gross Domestic Lies