Nigeria now biggest economy in Africa

Nigeria's recalculated economy is worth $510 billion, by far the biggest in Africa, officials announced Sunday using long overdue revised data that gives the West African nation continental bragging rights but does little for the 70 percent of its citizens living in poverty.

The new value of Nigeria's GDP adds previously uncounted industries like telecommunications, information technology, music, airlines, burgeoning online retail outlets and Nollywood film production that didn't exist when the last GDP count was made in 1990. Then, there were 300,000 landlines. Today, Nigeria has 100 million cell phone users.

The new figures also will take account of growth in agriculture and tourism that have flourished since democracy was restored in 1999, ending decades of military dictatorship.

With one fell swoop, Nigeria knocked out of the ring South Africa, whose GDP of $353 billion was previously counted the biggest on the continent and which is the only African member of the G20.

Mtchweee... After everything, more than half the population is still living in abject poverty!