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Last week, Nigeria announced the results of the rebasing (changing the weights given to different sectors of its economy) of its Gross Domestic Product (GDP). International observers expected the rebasing, which had not taken place since 1990, to add significant value to the nation’s economy, but they did not anticipate that it would add 89% to Nigeria’s existing GDP and make it Africa’s largest economy. The rebasing suggests that the Nigerian economy is worth $510 billion versus $370 billion for South Africa, who had long held the title of Africa’s largest economy. However, although the GDP figures suggest that Nigeria is a nation on the rise, the country confronts a domestic Islamist insurrection, corruption problems, and rampant poverty. Fixing these problems will be important if Nigeria wants to become a leading power on the African continent and an influential international player.
This topic brief will discuss Nigeria’s economic issues, the security challenges that the nation faces, and what steps the Nigerian government can take to fix its problems in these two areas.
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