Business Nigeria's GDP Grows 89%: But Who Is Getting Richer? - Forbes

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After months of waiting, Nigeria was finally confirmed on Sunday as sub-Saharan Africa’s largest economy, leapfrogging South Africa as it jumped by 89 percent overnight after a long-overdue rebasing of the country’s GDP.

However, the rebasing also serves to highlight the vast contrasts in opportunity and wealth that have resulted from its hydrocarbon-focused, rentier economy. More than 100 million people are due to enter the workforce over the next two decades, and unemployment amongst under-25s is estimated at more than 75 percent. Wealth has been generated—Nigeria’s pool of millionaires increased by 44 percent between 2007 and 2013, according to New World Wealth—but it has remained at the top end, with much of the country remaining grindingly poor. It is a gulf in opportunity writ large across the landscape. In the commercial capital, Lagos, a gleaming new Porsche dealership is a long stone’s throw from creeks jammed with tumble-down shacks on stilts.

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Source: Forbes
 

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