Connect with us

News

Nigeria is Officially Africa’s Biggest Economy!

BellaNaija.com

Published

 on

Nigeria is Africa's Biggest Economy - Bella Naija

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 on Instagram:

Gideon Okeke - Bella Naija

Photo Credits: www.twmagazine.net & Instagram

16 Comments

  1. Marc Francis of Chelsea

    April 7, 2014 at 12:35 pm

    We did. Now if we can just sort out that 70% below the poverty line trouble.

  2. Chu-Chu

    April 7, 2014 at 12:36 pm

    Gideon’s comment makes sense. Oya Jonathan work on restoring stable power abeg.

    • The Beautiful Eagle

      April 7, 2014 at 12:53 pm

      Abi oh!!!President Jonathan please read this comment oh

  3. tuulz

    April 7, 2014 at 12:50 pm

    congrats Naija, with all the Oil money it would be good if the govt starts infrastructure development, fight corruption, create employment by supporting SME’s

  4. Zinny

    April 7, 2014 at 1:18 pm

    Long live Nigeria!!!!

  5. Ruri

    April 7, 2014 at 1:25 pm

    Congrats to Naija… I dream of a future were all African Countries live in harmany with one another. A future were we process our minerals before selling them. i dream of a borderless Continent, a future were i dont need a Visa to visit Naija. We can do this, After all, we are the richest Continent.
    We are one. Your Joy is our Joy and your pain, Ours.

    ** Currently in Suid Afrika***

  6. corolla

    April 7, 2014 at 1:30 pm

    And this translates into what for the common man?

  7. timi

    April 7, 2014 at 1:56 pm

    What does this do for the common man.We have been largest economy for over 10 years we just did not know officially.

  8. jcsgrl

    April 7, 2014 at 2:17 pm

    And congrats to Nollywood and the growing manufacturing industries for contributing to the output of Nigeria. Imagine the possibilities indeed!

  9. Ritzykm

    April 7, 2014 at 2:35 pm

    All we need is peace and sincerity of purpose.northern nigeria take note on the former and our leaders should take note on the later.

  10. Author Unknown

    April 7, 2014 at 3:15 pm

    I can already hear the average Nigerian kissing his/her teeth. This isn’t an economic feat. We have Africa’s largest population by far so it’s to be expected somewhat. What Nigeria needs to focus on are infrastructure (electricity especially), unemployment and security…then we’ll celebrate.

  11. Baby Giwa

    April 7, 2014 at 3:29 pm

    Having d largest economy does not translate into development. This govt shud work hard to help d pple n put policies in place for d wellbeing of d pple.

  12. shameonyou

    April 7, 2014 at 4:40 pm

    Nigerians settle for less and mediocrity. No form of expectation from leaders, the country as a whole. This is much expected bcos of our population but the reality is the country is suffering but nigerians will rather live in denial than address the TRUTH. Jonathan, is an incompetent leader who thinks his only job is to embezzle and appoint his people in office. And patience thinks its all about extra term so they can have more time to benefit from the money. Its a shame, that freedom of speech is also considered a crime now. Its a shame that Nigerians are not challenging their leaders and are playing along. Its a shame that where are all the people openly criticizing obasanjo but are quiet bcos Jonathan is from the South. The country is turning into dictatorship.

  13. shameonyou

    April 7, 2014 at 4:53 pm

    In addition, No electricity, No quality health system, the same leaders use the same money travel abroad, no quality education system, most ones travel abroad again to get better education. No jobs. Roads, infrastructure is terrible. This is a FAILED country. Only a small percentage, where all the money is concentrated at the top among the same family are somewhat living comfortably.

  14. Stephanie

    April 8, 2014 at 3:47 am

    ok oh, congrats oh
    blogsvila.blogspot.com

  15. OmoMakun

    April 8, 2014 at 7:39 pm

    Please! what do we have to show for it? …Abject poverty, bad roads, no light, no water, no proper healthcare. The results are just based on numbers, the reality of it is totally different. Naija needs to get it right, not just on paper…

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cabo Verde Airlines launches Flights to Beautiful Visa-Free Cape Verde

Star Features

Advertisement
css.php