Nigeria GDP Rebased To $510Billion – A Reflection And Need To Redistribute Wealth
By Tony Ishiekwene
“Rebasing the GDP provides more accurate data on the economy to enable policy-makers to make informed decisions and policy choices to tackle social problems like poverty and unemployment. Nigeria’s rebased GDP is expected to be a more accurate reflection of the structure and size of current economic activities in the country, presenting a clearer sectoral distribution and performance.” ——- Ngozi Okonjo-Iweala
Hurray at last it is official: Nigeria’s economy is the biggest in Africa and the 26th largest in the whole world. At GDP level of over $500Billion for the year ending 31st December, 2013, Nigeria’s GDP has leap frogged that of the two rival contenders in the African continent, Egypt and South Africa, with the later the undisputed champion for many years until this rebasing, which to be very candid, is fairly more reflective of the current size and composition of the Nigerian economy.