GDP Re-basing – Nigeria Emerges As The Largest Economy In Africa

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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.

 

Author Bio

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Mrs. Yemisi Akibu ( nee Awokoya) is the Chief Executive Officer of Belvyna Global, an agricultural consultancy service firm based in Lagos, Nigeria She is a former Team Member of the Agricultural Department of Union Bank of Nigeria Plc, one of Nigeria's first generation banks. She holds a B.Sc degree in Agricultural Economics from the University of Ibadan, Nigeria and a Masters degree in National Development and Project Planning from the University of Bradford, West Yorkshire, United Kingdom. She is passionate about the role agriculture plays in the social, economic, political development of a nation. She holds the view that one of the pillars of stability of a nation food security and this can only be achieved through the holistic development of the agricultural sector. She can be contacted via: yemisiakibu@gmail.com or info@belvynaglobal.com Remember, The Farmer Is King Enjoy my blog

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