$19bn Telecommunication Contribution to GDP Lifted Nigeria as Africa’s Biggest Economy – Standard Chartered Bank

The recent boom in the telecommunications sector, currently valued at $19 billion, contributed to Nigeria becoming Africa’s biggest economy. The telecommunications sector moved from 0.8 percent of GDP to 8.6 percent, said Standard Chartered Bank.
Standard Chartered blog said the increase in domestic industries and the expansion of Nigerian companies across the continent are just some of the factors that have solidified Nigeria as the gateway to West Africa.
A large part of West Africa’s economic activity is based in Nigeria, establishing Nigeria as the gateway to West Africa. The recent rebase of the Nigeria GDP now reflects Nigeria as the largest economy in Africa with a GDP of US$510-billion, highlighting its important economic influence on the entire region.
Nigeria is the most populous country in Africa and the 7th largest in the world, growing at a rate of 2.8percent year- on-year. With its population of over 170 million people, 70 percent of which are under the age of 35, and a rapidly growing middle class, Nigeria represents a huge consumer market for many companies looking to invest in the region.
Nigeria is also the largest cereal and meat producer in West Africa. Agriculture accounts for almost one third of GDP and about two-thirds of employment, but oil remains the key economic sector.

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