Nigeria could overtake South Africa as the continent's biggest economy when the results of a updated method of calculating national output are announced
Naija's annual
growth rate averaged 6.8% from 2005 to 2013 and the economy is this year
projected to grow at a rate of 7.4%, according to the IMF. Photo:
Manufacturing Today
The National Bureau of Statistics
(NBS) said it will unveil the new figures on Sunday, while it’s
commonly expected that the recalculation will catapult the continent’s
most populous nation into top spot.
United Nations statisticians recommend that countries rebase their gross domestic product (GDP) calculations every 5 years to reflect changes in production and consumption, but Nigeria has not recalculated GDP since in 24 years.
The new figures will take into account new and fast-developing sectors and industries such as telecoms and the local film industry, Nollywood and the growth attributed to the established oil industry.
Analysts, however, have warned that even if Nigeria does become Africa’s biggest economy, the figures do not tell the story from all sides.
GDP per capita rates are significantly higher in South Africa and the government in Abuja has admitted that unemployment remains a key issue, as does spreading wealth more evenly throughout society.
United Nations statisticians recommend that countries rebase their gross domestic product (GDP) calculations every 5 years to reflect changes in production and consumption, but Nigeria has not recalculated GDP since in 24 years.
The new figures will take into account new and fast-developing sectors and industries such as telecoms and the local film industry, Nollywood and the growth attributed to the established oil industry.
Analysts, however, have warned that even if Nigeria does become Africa’s biggest economy, the figures do not tell the story from all sides.
GDP per capita rates are significantly higher in South Africa and the government in Abuja has admitted that unemployment remains a key issue, as does spreading wealth more evenly throughout society.
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