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AfDB confirms Nigeria status as largest economy

09 April 2014, 07:45Okoro Chinedu

Lagos - The African Development Bank (AfDB) has confirmed Nigeria as the largest economy in Africa.

It rated it as the 26th largest in the world following the recent rebasing of its Gross Domestic Product from 1990 to 2010 constant prices.

AfDB explained its role during the exercise.

“The African Development Bank joined the World Bank and the IMF in providing very helpful technical assistance to the Government of Nigeria throughout the rebasing process to ensure the results are credible, reliable and follow best global practice,” AfDB stated.

Last Friday, following the recalculation, the Statistician General of the Federation announced that the country’s GDP emerged at $590, 9 billion in 2013 up from $285, 56 billion, an 89.2 percent increase. Accordingly, Nigeria’s GDP per capita has almost doubled from $1 437 to $2 688.

The Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, confirmed that the highest global best practices were followed in the exercise. The next rebasing exercise is expected in 2016.

On the relevance of this exercise to the country, Okonjo-Iweala said, “The information provides us with much more scope to know what the structure of the economy is. There were some sectors that were not even mentioned in our GDP. For instance, the Statistician General said that the whole of Nollywood as well as most of the creative industries were outside our GDP. So how do you now help them if you don’t know their size or how they are growing? The information for the creative industries will help us very much because they are growing and creating jobs. From almost 0 percent, they are now 1, 2 percent of GDP, which is significant.”

– CAJ News

Tags afdb economy

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