Nigeria became the largest economy in Africa in April 2013, surpassing South Africa with a gross domestic product (GDP) of USD 509.9 billion compared to South Africa’s USD 350.6 billion. However, with a population of 170 million (compared to South Africa’s 52.98 million), economists have argued the country’s economy is still underperforming.
One factor that may hold back the utility of Bitcoin, though, is the relative lack of smartphone penetration, which mobile operator interest group the GSM Association estimates at just 10-15% of mobile subscribers.
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