Nigeria’s economy is now set to be announced mid-day tomorrow by the Coordinating Minister for the Economy, Mrs. Ngozi Okonjo-Iweala as the biggest in Africa and this is official.
She will be backed by the Chief Statistician of the Federation, Mr. Yemi Kale as well as IMF and World Bank officials who were as at last night, validating the figures.
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| Minister Of Econs & Finanace Mrs Okonjo-Iweala |
The size of the nation’s economy has now displaced that of South Africa in terms of GDP.
The country's rebased GDP is now about $432bn (£260bn) compared with South Africa's GDP of $370.3bn at the end of 2013.
The country's rebased GDP is now about $432bn (£260bn) compared with South Africa's GDP of $370.3bn at the end of 2013.
This is according to the much-anticipated preliminary rebased nominal Gross Domestic Product (GDP) estimates for the Nigerian economy.
According to thisdaylive.com, sources confirmed that Nollywood, the nation’s striving movie; the music industry and the telecommunication sector, all combined to push Nigeria’s economy over that of South Africa.
The National Bureau of Statistics (NBS) hinted that the new base year for arriving at this new rebased nominal GDP was 2010. It was based on the latest system of national accounts 2008 from 1993 previously; as well as the international standard of industrial classification 4.0 from the previous 3.1.
The list of activities captured under the new standard increased to 46 from 33 previously.
The addition areas of interest included in the exercise are telecommunications and information services, publishing, motion picture, sound recording and music production and broadcasting.
The addition areas of interest included in the exercise are telecommunications and information services, publishing, motion picture, sound recording and music production and broadcasting.
Others include arts, entertainment and recreation, financial institutions and insurance as well as real estate.
Also included are professional, scientific and technical services; administrative and support services; public administration, education, human health and social services and other services.
This rebasing has allowed for more accurately- reflected changes in the Nigerian economy in the last two decades.
This rebasing has allowed for more accurately- reflected changes in the Nigerian economy in the last two decades.
We only hope that this will translate into better standard of living for the greater majority of the Nigerian 170million populace.
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