“Something strange happened in Nigeria on Sunday: The economy nearly doubled, racking up hundreds of billions of dollars, ballooning to the size of the Polish and Belgian economies, and breezing by the South African economy to become Africa’s largest. As days go, it was a good one.
It was, in fact, a miracle borne of statistics: It had been 24 years since Nigerian authorities last updated their approach to calculating gross domestic product (GDP), a process known as “rebasing” that wealthy countries typically carry out every five years. When the Nigerian government finally did it this week, the country’s GDP—the market value of all finished goods and services produced in a country—soared to $510 billion.
To celebrate the occasion, Nigeria’s National Bureau of Statistics released a pretty entertaining PowerPoint presentation—an admixture of sober economic pronouncements and clip art. It includes this depiction of the long road to $510 billion:…”