Wednesday, 7 May 2014

Nigeria is Africa's largest economy

Nigeria's importance in Africa almost at the continent's center.

Nigerian economy and the need to boast labor productivity 


Nigeria has officially surpassed South Africa as Africa's largest economy. Some reports are suggesting that its growth was experienced overnight during a GDP rebasing that hadn't been carried out in over 35 years. Nigeria's claim to economic fame has raised economists' eyebrows. Nigerian entrprenuers and businesses are eager to compete with BRICS countries. For the record, Nigeria is the largest country in Africa by population. Lagos, the former Nigerian capital that was replaced by the centrally located planned city of Abuja, remains the country's commercial and economic hub. Lagos also has a large population and is one of the country's largest and well developed port city that rivals Port Harcourt in Southern Nigeria and Niger Delta. Lagos holds the record as the fastest growing city in Africa behind Cairo, the Egyptian capital.

Just as Egypt is the regional powerhouse in North Africa or South Africa is the powerhouse and hold up as a symbol of African economic power, Nigeria is the regional powerhouse in West Africa. It has played a crucial role in ECOWAS and ECOMOG. In popular culture, Nigeria and Nigerians symbolize West Africa as a whole often representing the typical West African while Nigerian film industry Nollywood is slowly being recognized across West Africa, the wider continent, the West and the wider world as a cultural force. Nollywood is the third largest movie industry rivaling Bollywood and Hollywood. Many Nollywood movies and TV series can be found at youtube and other sites. Nollywood films like the legendary telenovelas have large fan followings and audiences in neighboring countries and across the world where African Diasporas and immigrants live. Without a doubt, these films have brought Nigerian culture and society with all its complexities to the world serving as universal ambassadors similar to Bollywood or Hong Kong films. Nigerians have traveled across the world for centuries making up a large chunk of the African Diaspora on six continents. Yes it is six continents: Africa, Americas, Asia, Australia and Europe.

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