Nigeria is 26th largest economy globally with $510 billion GDP

The Nigerian economy now ranks as the 26th largest in the world, figures released from the recently rebased or recalculated Gross Domestic Product (GDP) reveal.

The statistician-general of the federation Yemi Kale, says the country’s GDP now stands at $510 billion, making it the largest economy in Africa.

“The economy’s structure has changed significantly,” said Kale while releasing the 2013 rebasing figures in Abuja the country’s Capital, Sunday. “We are witnessing a historic rebasing of our GDP which was not done for more than two decades,” Kale said.

He further said the exercise was able to capture more sectors of the economy.

Analysis by the statistician-general reveals that rebased Nominal GDP figures in 2010 increased by 59.5 to N 54.2 trillion ($345 billion) from N33.9 trillion ($218 billion), while in 2011 it spiked by 69.1 percent to N63.2 trillion ($402 billion) from 34.11 trillion ($217 billion).

In 2012, the GDP expanded by 75.58 percent to N71.4 trillion ($453 billion) from N40.5 trillion ($258 billion), while in 2013 it surged by 59.22 percent to N80.3 trillion ($510 billion).

“The next rebasing will be in 2015 and the results will be out in 2016, we also intend to measure the economy every five years,” the statistician said.


 Author: BALA AUGIE, BuisnessDay