Nigeria is likely to take South Africa’s position as the continent’s largest economy within two years, a Reuters poll found on Thursday. Nigeria’s gross domestic product will receive an enormous boost when it is rebased later this year to more accurately reflect changes in the economy over the last two decades. The GDP base in use is from 1990 and fails to capture the technology and telecoms sectors which have emerged since then. The much-delayed rebasing could add up to 50% to Nigeria’s economy, giving it a nominal GDP of around $375bn which is almost the size of South Africa’s.

Strong domestic demand and high levels of agriculture and services activity will see it clinch the title of Africa’s biggest economy within a couple years if current growth rates are maintained. High unemployment and a slowdown in the euro zone, South Africa’s main trading partner, make it vulnerable to losing its number one spot. It is set to grow at just 2.6% this year. It must be noted, however, that while being number one in the continent may boost Nigeria’s profile, South Africa still enjoys a better GDP-per-capita ratio compared to Nigeria, and therefore a slightly better standard of living.

For more:
http://www.234globe.com/story/198/Economy%3A+Nigeria+Set+to+Overtake+South+Africa.html

overtaking SA economy is not a feat to be Proud of. Why is Niggeria happy with under-achivement.

I wonder what makes up Nigeria or would there be any Nigeria without Nigerians?
BS.

I was think someone saying Nigeria to be top 25 economies and here they're saying overtake SA . Well, overtaking SA is one, ranking in the world is another.

Is SA using a motocycle?

That will be impressive! Imagine if the country had 24-hr power supply; the GDP size would be close to $800 billion!

Dibiachukwu: overtaking SA economy is not a feat to be Proud of. Why is Niggeria happy with under-achivement.

I agree.

Brazil with a similar population of 180 million people GDP = $2.4 trillion dollars.

Nigeria with population of 165 million people GDP = 450 billion dollars.

Overtaking SA at about $550 billion is not truly an under-achievement for a country as big and resource rich as Nigeria. I guess half bread is better than none.Nigeria had been a complete disgrace and basket case until very very recently

ochukoccna:
Exactly
And why is it that our 'improving' economy not reflecting in the lives of the 'ordinary' man?!

How would you define the " ordinary man " in this context? One that sits at home watching TV?

Stop hyping what is not? Overtake who? When you have corrupt leaders everywhere. They are just looting and looting! Would they ever stop looting?

I have hope but will no put it on.

Ok. hope it will

Namibia has started rigging its OIL. Namibia has 16 BILLION BARRELS of oil recently the researchers have found out that have 50 billion barrels of oil their rocks formations are similar to Brazil. While Falkland Islands near Argentina have discovered 60 billion barrels of oil their rock formations are similar to West Coast of South Africa. Here the link to SA known oil.

http://www.energy.gov.za/files/IEP/presentations/OilandGasReservesInSA_30March2012.pdf

Theres nothing to celebrate on this REBASING STORY. Other than its just crooked politicians who are just trying to u happy by this nonsense. This still doesnt benefit ORDINARY NIGERIANS. Number one spot with million of people living in poverty, poor roads,poor electricity supply etc..

This is a list of countries by electricity production per year based on multiple sources.
Rank Country/Region Electricity
production
(GWh)[1] Date of
information
N/A World Total 21,325,115 2010[2]
1 United States 4,325,900 2010[2]
2 China 4,206,500 2010[2]
N/A European Union 3,332,111 2010[2]
3 Japan 1,145,300 2010[2]
4 Russia 1,036,800 2010[2]
5 India 922,200 2010[2]
6 Canada 629,900 2010[2]
7 Germany 621,000 2010[2]
8 France 573,200 2010[2]
9 Korea, South 497,200 2010[2]
10 Brazil 484,800 2010[2]
11 United Kingdom 381,200 2010[2]
12 Spain 300,400 2010[2]
13 Italy 298,200 2010[2]
14 Mexico 270,000 2010[2]
15 South Africa 268,100 2010[2](Note SA after Medupi, Kusile etc. powerstation in 2014 will be in the top 5 in the world)
16 Taiwan 247,000 2010[2]
17 Australia 245,300 2010[2]
18 Turkey 239,100 2012
19 Iran 226,100 2010[2]
20 Saudi Arabia 214,000 2010[2]
21 Ukraine 187,900 2010[2]
22 Indonesia 166,400 2010[2]
23 Poland 157,400 2010[2]
24 Thailand 156,400 2010[2]
25 Sweden 155,400 2010[2]
26 Egypt 143,500 2010[2]
27 Argentina 128,500 2010[2]
28 Norway 124,500 2010[2]
29 Venezuela 116,700 2010[2]
30 Malaysia 116,200 2010[2]
31 Netherlands 114,800 2010[2]
32 Vietnam 100,170 2010[2]
33 Pakistan 93,350 2012[2]
34 United Arab Emirates 88,600 2010[2]
35 Czech Republic 85,900 2010[2]
36 Belgium 84,197 2009[3]
37 Kazakhstan 82,700 2010[2]
38 Finland 80,400 2010[2]
39 Switzerland 71,200 2010[2]
40 Austria 70,800 2010[2]
41 Philippines 67,700 2010[2]
42 Chile 60,200 2010[2]
43 Romania 59,800 2010[2]
44 Israel 58,300 2010[2]
45 Colombia 56,900 2010[2]
46 Portugal 55,800 2010[2]
47 Paraguay 54,912 2008[3]
48 Kuwait 54,600 2010[2]
49 Greece 53,200 2010[2]
50 Uzbekistan 52,300 2010[2]
51 Bulgaria 46,000 2010[2]
52 Singapore 45,400 2010[2]
53 Algeria 45,200 2010[2]
54 New Zealand 43,400 2010[2]
55 Bangladesh 39,100 2010[2]
56 Denmark 38,600 2010[2]
57 Hong Kong 38,300 2010[2]
58 Syria 38,705 2008[3]
59 Hungary 37,400 2010[2]
60 Peru 34,800 2010[2]
61 Serbia 34,711 2008[3]
62 Iraq 34,600 2008[3]
63 Belarus 34,500 2010[2]
64 Ireland 28,300 2010[2]
65 Slovakia 27,400 2010[2]
66 Libya 26,947 2008[3]
67 Qatar 23,700 2010[2]
68 Korea, North 22,517 2008[3]
69 Puerto Rico 20,921 2008[3]
70 Nigeria 20,130 2008[3]
71 Ecuador 19,500 2010[2]
72 Morocco 19,493 2008[3]
73 Azerbaijan 18,700 2010[2]
74 Turkmenistan 17,400 2010[2]
75 Cuba 16,990 2008[3]
76 Iceland 16,484 2009[3]
77 Tajikistan 15,971 2008[3]
78 Slovenia 15,634 2009[3]
79 Oman 15,085 2009[4]
80 Mozambique 14,975 2008[3]
81 Dominican Republic 14,577 2008[3]
82 Tunisia 14,395 2008[3]
83 Jordan 13,010 2008[3]
84 Bosnia and Herzegovina 12,692 2008[3]
85 Kyrgyzstan 11,702 2008[3]
86 Croatia 11,658 2008[3]
87 Bahrain 11,217 2008[3]
88 Estonia 9,984 2008[3]
89 Zambia 9,752 2007[3]
90 Sri Lanka 9,507 2007[3]
91 Uruguay 9,265 2007[3]
92 Trinidad and Tobago 9,100 2010[2]
93 Lebanon 9,030 2007[3]
94 Zimbabwe 8,890 2007[3]
95 Costa Rica 8,808 2007[3]
96 Guatemala 8,425 2007[3]
97 Congo, Democratic Republic of the 8,220 2007[3]
98 Georgia 7,970 2008[4]
99 Jamaica 7,324 2007[3]
100 Ghana 6,746 2007[3]
101 Sudan 6,509[3] 2009
102 Burma 6,286 2007[3]
103 Macedonia 6,051 2007
104 Armenia 5,941 2006
105 Lithuania 5,700 2010[2]
106 Panama 5,661 2005
107 Kenya 5,502 2005
108 Albania 5,385 2005
109 Honduras 5,339 2005
110 El Salvador 5,316 2006
111 Côte d'Ivoire 5,305 2005
112 Bolivia 5,293 2006
113 Latvia 4,778 2005
114 Cyprus 4,618 2006
115 Yemen 4,456 2005 (estimations)
116 Cameroon 4,090 2005
117 Kosovo 3,996 2006
118 Moldova 3,881 2005
119 Papua New Guinea 3,698 2005
120 Mongolia 3,430 2006
121 Luxembourg 3,156 2005 (estimations)
122 Ethiopia 2,864 2005
123 Montenegro 2,864 2005 (estimations)
124 Nicaragua 2,778 2006
125 Brunei 2,735 2005
126 Angola 2,585 2005
127 Nepal 2,511 2006
128 Mauritius 2,350 2006
129 Senegal 2,159 2006
130 Malta 2,106 2005
131 Bhutan 2,000 2005
132 Uganda 1,983 2005
133 Bahamas 1,894 2005
134 Tanzania 1,880 2005
135 Guam 1,793 2005
136 Laos 1,715 2005
137 Namibia 1,688 2005
138 Macau 1,670 2006
139 Suriname 1,530 2005
140 Gabon 1,520 2005
141 New Caledonia 1,508 2005
142 Malawi 1,397 2005
143 Netherlands Antilles 1,175 2005
144 Fiji 1,046 2005
145 Madagascar 1,046 2005
146 U.S. Virgin Islands 996 2005
147 Barbados 953 2005
148 Botswana 912 2005
149 Guinea 840 2006
150 Guyana 807 2005
151 Mali 804 2006
152 Aruba 770 2005
153 Afghanistan 754 2005
154 Bermuda 618 2005
155 Haiti 535 2005
156 Burkina Faso 516 2005
157 French Polynesia 462 2005
158 Swaziland 460 2007
159 Cayman Islands 400 2005
160 Congo, Republic of the 400 2007[3]
161 Lesotho 350 2005
162 Liberia 319 2005
163 Djibouti 306 2006
164 Saint Lucia 304 2005
165 Greenland 300 2005
166 Faroe Islands 290 2005
167 Somalia 270 2005
168 Eritrea 252 2006
169 Mauritania 248 2005
170 Sierra Leone 245 2005
171 Niger 234 2005
172 Belize 200 2007 (estimations)
173 Micronesia, Federated States of 192 2002
174 American Samoa 180 2005
175 Togo 176 2005
176 Maldives 169 2005
177 Grenada 150 2005
178 Gambia, The 145 2005
179 Gibraltar 141 2005
180 Burundi 137 2005
181 Cambodia 134 2005
182 Saint Kitts and Nevis 125 2005
183 Saint Vincent and the Grenadines 115 2005
184 Samoa 111 2009[5]
185 Central African Republic 109 2005
186 Antigua and Barbuda 105 2005
187 Benin 105 2005
188 Chad 95 2005
189 Rwanda 95 2005
190 Western Sahara 85 2005
191 Dominica 80 2005
192 Solomon Islands 60 2005
193 Guinea-Bissau 60 2005
194 Tonga 54 2006
195 Saint Pierre and Miquelon 50 2005
196 Cape Verde 45 2005
197 British Virgin Islands 45 2005
198 Vanuatu 41 2005
199 Cook Islands 30 2005
200 Nauru 30 2005
201 Equatorial Guinea 28 2005
202 Comoros 20 2005
203 Montserrat 20 2005
204 Sao Tome and Principe 18 2005
205 Falkland Islands 16 2005
206 Turks and Caicos Islands 12 2005
207 Kiribati 9 2005
208 Saint Helena 8 2005
209 Niue 3 2005
210 Gaza Strip 0.14 2005
References

^ CIA - The World Factbook - Rank Order - Electricity - production

WELL BEING OF ALL CITIZENS IS CELEBRATED
Data published by the institute - an independent think-tank producing research, policy critiques and risk analysis on South Africa - shows that between 1996 and 2010:

The number of South African households living in formal houses increased from 5.8-million to 11-million or by 89.9%. Over the same period the proportion of all households living in a formal house increased from 64% to 76%.

The number of South African households with access to electricity increased from 5.2-million to 11.9-million or by 127.9%, while the proportion of all households with access to electricity increased from 58% to 83%.

The number of South African households with access to piped water increased from 7.2-million to 12.7-million or by 76.6%. The proportion with access to piped water increased from 80% to 89%.

"Increases of a similar magnitude are true for all 15 service delivery indicators tracked by the institute," Cronje said.

"These improvements are corroborated by Living Standard Measure [LSM] improvements, which show equally dramatic improvements in the number and proportion of people in higher living standard brackets.

"Together with increased access to social welfare, which now reaches over 15-million people, service delivery successes are responsible for the fact that the proportion of South Africans living on less than US$2/day has declined from 12% in 1994, and a peak of 17% in 2002, to just 5% today."

Regarding service delivery protests, Cronje said that there was "no contradiction between the successes we identify and the protests that are now commonplace around the country.

"These protests are not a function of the failure of delivery but rather of its success, in that this success has raised expectations that cannot be met because of shortcomings in the school system and the labour market."

Cronje said that while the ruling African National Congress (ANC) was not perfect, and while it could be debated whether state-led delivery was the best development model for a country to follow, "the data we have published is unambiguous that the ANC and the government it leads deserves considerably more credit for improving the living standards of poor and black South Africans than it has received."

SAinfo reporter

Read more: http://www.southafrica.info/about/social/delivery-200912.htm#.UWvV0sVcb4s#ixzz2QWhqv9xx

PREPARE TO SEE SOUTH AFRICA CELEBRATING OIL DISCOVERY SOON(official statement its a secret just like Russia that kept it a secret to reveal their diamonds trillion dollar wealth).Namibia has started rigging its OIL. Namibia has 16 BILLION BARRELS of oil recently the researchers have found out that have 50 billion barrels of oil their rocks formations are similar to Brazil. While Falkland Islands near Argentina have discovered 60 billion barrels of oil their rock formations are similar to West Coast of South Africa. Here the link to SA contigent oil=30billion barrels.

http://www.energy.gov.za/files/IEP/presentations/OilandGasReservesInSA_30March2012.pdf

This is nonsense.

Nigerians are tired of figures that do not reflect in standard of living of Nigerians.

who dash monkey banana @ op

Dibiachukwu: overtaking SA economy is not a feat to be Proud of. Why is Niggeria happy with under-achivement.

What do you expect from clueless GEJ lapdogs?

I just have to LOL. A country where empty promises and baseless data that become facts are abundant.... LMFAO. RFLMAO.

next

Make Nigeria wake up from sleep abeg, day don break since.

I was actually waiting 2 read an inspiring post wen i saw d topic. Mtcheww.
So wit d way tins re in Nigeria, if we theoreticaly hear we are overtaking SA economy how wil it change tins 2 beta. Jst smh

We can only overtake the afrikaners on gdp but not gdp per capita. We cannot overtake them on infrastructure as we are going at the moment.

In all these, I don't just understand why we get fixed on overtaking another African country. If South Africa and Nigeria continue to make remarkable economic progress, it can only be a good thing for the continent.

Stop the bitterness. although those white afrikaans can be a bit annoying with their prejudices.

Cool