We made it, yes we did, yes we did!
Sorry to take a cheesy part out of the Cash Money song, but it is indeed a great feat.
On Sunday, the Federal Government
released the result of the rebased Gross Domestic Product (GDP) of the
country. It shows that Nigeria’s economy has overtaken South Africa’s as
the biggest in Africa.
Dr. Yemi Kale, the
Statistician General of the Federation and CEO of National Bureau of
Statistics, presented the news about the updated GDP figures in Abuja.
Kale revealed that following the
rebasing exercise, Nigeria’s GDP for 2011 and 2012 stood at 5.09% and
6.66% respectively, while the economy grew by 7.41% last year, Punch reports.
The rebasing of countries’ GDP is done
every few years in order to ensure that the most up-to-date statistics
about economic development are revealed. It is a beneficial exercise
because it enables analysts, investors, and policy makers make informed
decisions about the most appropriate infrastructure, initiatives, and
investments to implement for the country.
Despite Nigeria’s rebased GDP figure
of $510bn, economic and financial analysts say it does not make
Nigerians richer in any way.
Gideon Okeke (of Nigeria’s ‘Tinsel’ soap-opera) is quite happy about the new GDP statistics! Here’s what he posted
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