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Nigeria has changed the way it measures its gross domestic product (GDP) and has announced it is now Africa's largest economy. It is the first time the continent's most populous nation has claimed the top spot. Nigeria "rebased" its gross domestic product data to incorporate newer industries that were not accounted the old GDP measuring rules. The inclusion sectors such as telecommunications, information technology, movie production and online commerce has pushed the country the traditional economic powerhouse, South Africa. Nigeria's statisticians say GDP 2013 totalled $510 billion, considerably bigger than South Africa's GDP $370 billion.

Rebasing GDP is what most countries do every three years to account the economic contributions new and emerging industries. Nigeria hadn't rebased its economy two decades. In this time, many new industries have blossomed. Nigeria's chief statistician Dr Yemi Kale said the new figures do not mean Nigerians are suddenly richer. He explained: "It's just about measuring better and more accurately. It does not mean that 24 hours, something miraculous has happened." Nigeria's Tribune newspaper wrote: "Although pockets vast wealth exist, most Nigeria's estimated 170 million people still live $2 a day, while key services such as water and electricity provision are poor."