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Finance: Nigeria’s GDP just doubled on paper: what it means in practice

Earlier this week, Nigeria ascended to the position of Africa’s largest economy following a recalculation of its GDP by the country’s National Bureau of Statistics. The long overdue exercise (the last one was in 1990) nearly doubled the country’s economy pushing GDP up to $510bn from $270bn. There is a general consensus among economic analysts and commentators that the changes are merely cosmetic — they certainly do not affect the daily lives of most average Nigerians, and their timing might be politically motivated given the upcoming 2015 elections which are expected to be highly contested. However, from the perspective of managers and CEOs operating in Nigeria, there are some important implications.

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