Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

 

Nigeria emerges Africa’s largest economy, surpassing South Africa

The Giant of Africa may now be said to be a true giant. Nigeria’s nominal Gross Domestic Product, GDP, now stands at $509.9 billion. With a $510Billion GDP, Nigeria is now Africa’s largest economy and the 26th largest in the world. Some analysts reported that Nigeria may now be behind Austria in the lineup. This is according to the preliminary results of the rebasing exercise of the federal government.

This was disclosed by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala. Iweala announced this at a press conference jointly addressed with the Statistician-General of the federation, Dr. Yemi Kale, in Abuja yesterday.

The economics subject states that the GDP is the market value of all final goods and services produced within a country in a given period. It is an internationally recognized indicator for measuring the size of an economy in a given period of time.  

These estimates indicate that the nominal GDP for Nigeria was much higher than previously estimated. In 2010 the estimate was $360. 644 billion; in 2011 it was $408.805 billion; and 2012 $453.966 billion.

The base year provides the reference point to which future values of the GDP are compared and it is a normal statistical procedure undertaken by the national statistical offices of countries to ensure that national account statistics present the most accurate reflection of the economy.

Ngozi Okonjo.Iweala. GDP . vanguard picPhoto right: Minister of Finance and Coordinating Minister of Economy, Dr. Ngozi Okonjo-Iweala, Minister of National Planning Amb. Bashiru Yuguda and Statistician-General of the Federation and CEO of National Bureau of Statistics Dr. Yemi Kale during presentation of Preliminary Results of the Rebased Nominal Gross Domestic Product ( GDP) Estimates from Nigeria 2010 to 2013 held in Abuja | Vanguard pic.

The growth rate is driven by the services sector contributing about 51% of the GDP. Other sectors are manufacturing, banking, transport, education etc.

The rebasing exercise on the Nigerian economy which also saw the Per capita rising to $2, 688, covered 2010 to 2013. Nigeria has moved on the per capita scale from 135 to 121st position.

This is after more than two decades of the last exercise in 1990, far beyond the United Nations Statistical Commission, UNSC, recommendations that countries should rebase their national accounts (GDP) estimates every five years.

Dr. Ngozi Okonjo-Iweala said that the results had been subjected to a six-man independent panel of reviewers led by Prof. Olu Ajakaiye , as well as, representatives of multilateral organizations, especially the International Monetary Fund, the World bank and the African Development bank.

The new figures indicated a debt to GDP of 11 per cent, down from 19 per cent but the minister said that the federal government would continue to be prudent in its debt portfolio to avoid a situation in which the country could fall into a non-sustainable debt trap, as was the case, in the past.

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