1887

n CPEEL Monograph Series - Macroeconomic overview

Volume 2, Issue 3
  • ISSN :

Abstract

In the year 2014, Nigeria became the largest economy in the African continent due to a rebasing of the nation's gross domestic product (GOP). Nigeria rebased its GDP from 1990 to 2010, which resulted in an 89 per cent increase in the valued size of the economy. As a result, the country today prides itself as the largest economy on the continent with a valued nominal GOP of US$ 510 billion, which is 44.8 per cent higher than that of South Africa's US$ 352 billion. Apart from this revelation, the rebasing of the economy's GOP revealed a more diversified economy than was previously acknowledged. The rebasing exercise moved the base year from 1990 to 2010 constant prices, and gave greater weights to sectors that had minute input in the economy 25 years ago, sectors such as ICT, entertainment and services. The agricultural sector share declined to 22 per cent from 33 per cent, the service sector increased to 52 per cent from 26 per cent, while manufacturing increased to 7 per cent from 2 per cent. Nigeria's reassessed GOP for 2013 was US$ 509.9 billion as against US$ 285.5 billion before the rebasing. Nigeria maintained an impressive growth since the beginning of this decade as depicted in Fig. 1.1 with a record high of 8.3 per cent growth of the real GOP in 2012, up from 5.4 percent in 2011.

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/content/cpeel/2/3/EJC198111
2015-01-01
2019-04-21

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