Nigeria has emerged the largest economy in Africa consequent upon the re-basing of her GDP.
The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.
He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.
Explaining the concept of GDP and how it is calculated, Dr. Kale noted that re-basing does not imply new figures only, but shows clearly the performance of the economy in data form.
Re-basing and Re-benchmarking of the GDP was just one of the things Nigeria needed to do in order to get its statistics right.
It is also important that Nigerians “do not mix data with ideology” and our planners need to be more objective in the way we apply our data.”
The last time Nigeria re-based its GDP was in 1990.