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Abstract

On conducting the GDP rebasing exercise, Nigeria had catapulted to the number one spot in African economy. The Nigerian economy with a rebased Gross Domestic Product (GDP) of $510 billion became the largest economy in the African continent, surpassing South Africa. The Nigerian Bureau of Statistics had changed the base year for calculating Nigeria's GDP to 2010 from 1990, in order to give an accurate picture of the economy. The entertainment industry, telecommunications, information technology and construction were the key sectors that formed a part of Nigeria’s new found status. With the tag of the Africa’s largest economy, Nigeria was looked upon as Africa’s most sought after investment destination. But development analysts averred that these figures were much ado about nothing in a country that was reeling under poverty, rife with corruption and a low standard of living. It had made little or no impact for an average Nigerian citizen. What did this positive assessment indicate? The economy was on a surge - or was it a flight of fantasy?
Location:
Other setting(s):
2014

About

Abstract

On conducting the GDP rebasing exercise, Nigeria had catapulted to the number one spot in African economy. The Nigerian economy with a rebased Gross Domestic Product (GDP) of $510 billion became the largest economy in the African continent, surpassing South Africa. The Nigerian Bureau of Statistics had changed the base year for calculating Nigeria's GDP to 2010 from 1990, in order to give an accurate picture of the economy. The entertainment industry, telecommunications, information technology and construction were the key sectors that formed a part of Nigeria’s new found status. With the tag of the Africa’s largest economy, Nigeria was looked upon as Africa’s most sought after investment destination. But development analysts averred that these figures were much ado about nothing in a country that was reeling under poverty, rife with corruption and a low standard of living. It had made little or no impact for an average Nigerian citizen. What did this positive assessment indicate? The economy was on a surge - or was it a flight of fantasy?

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Location:
Other setting(s):
2014

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