We have recently learned that following a recalculation of GDP for Nigeria, it emerged last year as Africa’s largest economy with a GDP of $509 billion. It overtook South Africa in terms of total output, but still remains a long way behind in per capita income given the much greater population in Nigeria.
What should give us pause for thought is how small this output still is for a country of 170 million people. It means Nigeria’s output is still lower than London’s, with just 8 million people. It should put our criticisms of the UK economy into context, and reminds us how much more there is to do to tackle poverty in other parts of the world.