Nigeria Finally Overtakes South Africa As Largest Economy In Africa

 
 Nigeria was at the weekend ranked the largest economy on the African continent and 26th largest in the world with new Gross Domestic Products (GDP) of $453,966.81 billion as against the 1990 GDP of  $258,555.58  billion.
With the new ranking, it is expected that Nigeria may emerge  the first African country to   meet the 2015 Millennium  Development Goal (MDG)
The GDP was rebased from 1990 to 2010. But according to the National Bureau of Statistics (NBS), which carried out the exercise with assistance of respected Nigerian economists including Professor Olu Ajakaiye, President of the Nigerian Economic Society, Professor Akpan Ekpo, Dr Ayo Teriba and others; the International Monetary Fund, the World Bank, the African Development Bank and other partners, the rebased estimates indicate the forecast for the nominal GDP for Nigeria in 2013 is N80,222,128.32 ($509.9 billion)
Comparatively, nominal GDP for the previous three years were: 2010: N54,204, 795.12m ($360.6 billion) 2011: N63,258,579.01m ($408.8 billion) 2012: N71,186,534.89m ($449.9 billion) The changes between the old and new rates represent growth of 59.5 per cent  in 2010, 69.13 per cent  in 2011, 75.58  per cent  in 2012 and 89.22 per cent in 2013
The rebased GDP numbers imply that the level of economic activity is much higher than previously reported, indicating a clearer picture of Nigeria’s economic landscape, and the significant opportunity for growth and wealth creation in the Nigerian economy.
In her remarks, the  Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala said:
“We did not set out to become the biggest economy in Africa. We set out to measure how much the economy has changed. And that is the outcome. Becoming the largest economy on the continent is a positive development, but it is not destination. The knowledge derived will help us make better policies to grow the economy and create jobs for young Nigerians. Nigerians have worked hard to make our economy the largest in Africa and they should be proud of the feat. But it is also a challenge and an opportunity. The results of the rebasing  will not make the challenges of poverty and unemployment disappear overnight but the better understanding of the structure and changes of the economy will give us better tools to grow the economy and tackle poverty and unemployment.” she said
Also, speaking, the Supervising Minister of the Ministry of National Planning, Ambassador Bashir Yuguda,  underscored the credibility of the rebasing exercise which he said,  was rigorously and professionally executed by a team of local and international experts.
“It is a thorough job and we are pleased with the results. The results will empower government to do more for the Nigerian people.” he said.
However, one of key changes identified is the noticeable shift in the share of key sectors to the country’s overall GDP.
Such changes  is the decline in the share of the agricultural sector to the overall GDP and a rise in the share of services. In the 1990 nominal series, agriculture contributed 30 per cent  to the GDP, while industry contributed 46.1 per cent and services contributed 23.6 per cent.

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

14 Comments

  1. The recalculation of the economy is important to help get comprehensive data and know how and where needs urgent attention. so this is a good step.

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  2. who said Jonathan's govt. has no impact on nigeria economy? I will vote him again n again.

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  3. Up GEJ and NOI .

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  4. When will the ordinary man feel the impact of the so called growing economy

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  5. Pls make more money here I love Goodluck Jonathan keep doing the good work sir!http://gopaidweekly.com/?ref=177565

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  6. The transformation agenda of Mr. President is at work. This is a good news 4 Nigeria, well done President Jonathan.

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  7. @Anon 8:46 am with all dues respect if you ain't feeling the impact of the growing economy then it simply means you are not taking advantage.No insult intended. It seems a lot of people are not seeing the developments in Nigeria and this is due to (1) The media :- They divert our attention from things that will profit us and rather bring us all sorts of relevant and irrelevant political dramas in which we also foolishly get caught up and foolishly take sides and spend time discussing.These and more are the tools which the anti Jonathans are using and I must agree that it is working.Pls note,am not a pro Jonathan neither am I an anti Jonathan.I like to examine details by myself,get the truth as it is an not as am told. (2) Our very own inability to read, see,understand and discern. I personally thought the era of the saying "if you want to hide anything from a black man,hide it in a book" is gone but am amazed that its still very much around. Many young people do no want to take time out to research and even when they do,they lack the patience to do a thorough research. Until we leave politics for politicians and apply our hearts to wisdom,we will never be able to see the good in Jonathan's administration and consequently we won't be able to partake of the opportunities that abound.
    Being an "ordinary man" or not is by choice and I choose not to be. "Ordinary" is blind,it doesn't see opportunities.

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    1. How can you write such an interesting thing and crown it up with a lie "u are anti Jonathan " we love Jonathan and we are proud of that. No president has done half of what he has done. He listens to d masses , sack odua .. He did, transfer Mbu...he did , conven a nationa conference ...he did . Forget about Another political catastrophe (APC) . We know how they operate . GEJ has been d best . Those who don't like like him are anti progress

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  8. I meant to type "with all due respect" sorry for the typographical error.

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  9. I'm sure is same person sending all d comment.

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    1. Ngige also thought it was one person that voted for Obiano in Anambra state , u APC members should wake up from sleep

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  10. Seriouly they are sleeping APC

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  11. The issue of rebasing is all political arranhgement to paint a rossy economic picture. Any growing economy will be visible and impact positively On the people. No rebase in America but its clear that her citizens has faired better. Please stop deceiving Nigerians with statistical jargon. Let us know how much govt spent in the false economy called rebase. Why are we happy that we ve overtaken s/Africa's economy. In the 70s, we trained most of their graduates when the apatheid was hot. We lack honest and sincere leaders in this country. Economic Rebasing is a political campaign issue for 2015.

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  12. http://www.gopaidweekly.com/?=185862

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