Nigeria's recalculated economy is worth $510 billion, by far the biggest in Africa, officials announced Sunday of a long overdue recount that gives the West African nation continental bragging rights but does little for the nearly 70 per cent of its citizens living in poverty.
The new estimate of Nigeria's GDP adds previously uncounted industries like telecommunications, information technology, music, airlines, burgeoning online retail outlets and Nollywood film production that didn't exist when the last GDP count was made in 1990. Then, there were 300,000 landlines. Today, Nigeria has 100 million cellphone users.
With one fell swoop, Nigeria knocked out of the ring South Africa, whose GDP of $353 billion was previously counted the biggest on the continent, winning it a place as the only African member of the G20.
Figures announced by Nigeria's statistician general, Yemi Kale, nearly doubled previous estimates of the economy -- from 42.3 trillion naira in 2012 to 80.3 trillion naira for 2013. He said that equated to $509.97 billion , using an official exchange rate of 157.48 naira to $1. But the naira has been trading more realistically at about 168 naira to the dollar for months, giving a figure of $477.98 billion.
Finance Minister Ngozi Ikonjo-Iweala told a news conference Sunday that the recalculation makes Nigeria the 26th largest economy in the world and raises its per capita income to $2,688, making it No. 121 in the world, up from No. 135.
That is still feeble compared to South Africa's $7,336 for its population of 48 million. South Africa, bedeviled by mining strikes, violent protests over services and a lacklustre performance that has kept annual growth at around 3.5 per cent, still has infrastructure unrivaled on the continent, most notably a power sector that generates 10 times more electricity as Nigeria.
Nigeria's revised figures will lower its much-vaunted growth rate of 7 per cent but also will decrease an already low debt to GDP ratio of 21 per cent, which should lower interest rates should the government want to borrow more, economists said.
Financial analyst Bismarck Rewane called the revisions "a vanity. The Nigerian population is not better off tomorrow because of that announcement. It doesn't put more money in the bank, more food in their stomach. It changes nothing."
Nigerians took to social networks to share their feelings. "So Nigeria has now supplanted South Africa as Africa's largest economy. But I've not had light (electricity) for seven days, so it means nothing to me," said one tweet.
Another commented: "Nigeria is Africa's biggest economy - on paper. So technically, I'm rich in theory."
Very manipulative figures.. ..nothing short of 419 .….just to exploit the people. …..aided and abetted by World Bank (World Bandit) and IMF (International Monetary Fraud) Nigeria can now borrow more money from the above cartels at will and then continue to devalue our currency.
150 million Nigerians will still be living in abject poverty.
Posted: at 6-04-2014 10:03 PM (11 years ago) | Gistmaniac
DJSNIPPER at 6-04-2014 10:51 PM (11 years ago) (m)
What a country, look at their reactions. If, this were negative news, they would jump up and down pour insults on the politicians. The sad state of the black-man, from cape town to Toronto is on display here. Overwhelming inferiority complex, that's why, they will come out and ridicule the truth. If these were a contraction of the GDP, most of you will beat your chest and say I told you so. Nigeria is moving forward with or without most of you
Posted: at 6-04-2014 10:51 PM (11 years ago) | Gistmaniac
This is what bribe can do, what do you expect when Jonathon recently honored Queen Eliza, with lots of peoples found, they are now praising a country with out any meaningful infrastructure, no job, unemployment everywhere,Nigeria is really a zoo.
Posted: at 6-04-2014 11:19 PM (11 years ago) | Upcoming
THIS IS A GOOD NEWS AND THANKS FOR THE PRESIDENT,,,,HAUSA'S HAVE KILLED US SINCE INDEPENDENT,,FOR THOSE IDIOT WHO DOESN'T UNDERSTAND ANYTHING,IF YOU LIKE,INSULT THE PRESIDENT,BUT REMEMBER,OBJ WAS THE PRESIDENT FOR EIGHT YEARS AND NO GOOD NEWS ABOUT NIGERIA,,,GOD HAVE GIVEN US A GOOD LEADER LIKE JONATHAN AND GOD WILL USE HIM MORE FOR NIGERIANS,,VERY SOON,ALL OUR BOYS AND GIRLS WHO ARE SUFFERING IN ANOTHER COUNTRIES,WILL REMEMBER HOME,,....WHAT IS HAPPENING IN NIGERIA IS WHAT HAUSA'S HAVE PUT US THROUGH.....LOTS OF WORKS HAVE TO BE DONE,ONLY THE PRESIDENT CAN DO IT...GOD WILL GUIDE HIM FOR US...
Posted: at 6-04-2014 11:32 PM (11 years ago) | Gistmaniac
osarobo62 at 7-04-2014 02:27 AM (11 years ago) (m)
Finance Minister Ngozi Ikonjo-Iweala has always been and will remain an agent of these financial institutions. Her ultimate goal is to be the president of the world bank....and so would not do anything not favourable to the bank.
Posted: at 7-04-2014 02:27 AM (11 years ago) | Hero
Brunomir26 at 7-04-2014 02:46 AM (11 years ago) (m)
Quote from: DJSNIPPER on 6-04-2014 10:51 PM
What a country, look at their reactions. If, this were negative news, they would jump up and down pour insults on the politicians. The sad state of the black-man, from cape town to Toronto is on display here. Overwhelming inferiority complex, that's why, they will come out and ridicule the truth. If these were a contraction of the GDP, most of you will beat your chest and say I told you so. Nigeria is moving forward with or without most of you
yea,Nigeria is really moving forward,what an idiot..
Posted: at 7-04-2014 02:46 AM (11 years ago) | Newbie
What a country, look at their reactions. If, this were negative news, they would jump up and down pour insults on the politicians. The sad state of the black-man, from cape town to Toronto is on display here. Overwhelming inferiority complex, that's why, they will come out and ridicule the truth. If these were a contraction of the GDP, most of you will beat your chest and say I told you so. Nigeria is moving forward with or without most of you
What is positive about this? Please let us know. Do you even know what you are talking about? Millions of Nigerians are suffering and you are saying it is good news.
Please stop this rubbish....
Posted: at 7-04-2014 03:02 AM (11 years ago) | Gistmaniac
THIS IS A GOOD NEWS AND THANKS FOR THE PRESIDENT,,,,HAUSA'S HAVE KILLED US SINCE INDEPENDENT,,FOR THOSE IDIOT WHO DOESN'T UNDERSTAND ANYTHING,IF YOU LIKE,INSULT THE PRESIDENT,BUT REMEMBER,OBJ WAS THE PRESIDENT FOR EIGHT YEARS AND NO GOOD NEWS ABOUT NIGERIA,,,GOD HAVE GIVEN US A GOOD LEADER LIKE JONATHAN AND GOD WILL USE HIM MORE FOR NIGERIANS,,VERY SOON,ALL OUR BOYS AND GIRLS WHO ARE SUFFERING IN ANOTHER COUNTRIES,WILL REMEMBER HOME,,....WHAT IS HAPPENING IN NIGERIA IS WHAT HAUSA'S HAVE PUT US THROUGH.....LOTS OF WORKS HAVE TO BE DONE,ONLY THE PRESIDENT CAN DO IT...GOD WILL GUIDE HIM FOR US...
I am now highly convinced that you are so dumb and dull.... ...read my other comments about you....
Posted: at 7-04-2014 03:05 AM (11 years ago) | Gistmaniac
Finance Minister Ngozi Ikonjo-Iweala has always been and will remain an agent of these financial institutions. Her ultimate goal is to be the president of the world bank....and so would not do anything not favourable to the bank.
To be the president of World Bank at the expense of 170 million Nigerians? .....We'll see...
Some will not like your comment but I do....
Posted: at 7-04-2014 03:20 AM (11 years ago) | Gistmaniac
maryclaret at 7-04-2014 03:27 AM (11 years ago) (f)
Bla bla bla...who cares? Its like decorating trash. At the end of the day, trash will still smell. Whether it becomes the biggest economy on the planet, at the end of the day, it ain't looking good on the inside...
Ada Mbaise
Posted: at 7-04-2014 03:27 AM (11 years ago) | Gistmaniac
Bla bla bla...who cares? Its like decorating trash. At the end of the day, trash will still smell. Whether it becomes the biggest economy on the planet, at the end of the day, it ain't looking good on the inside...
True talk.....
Posted: at 7-04-2014 03:30 AM (11 years ago) | Gistmaniac
daveobahon at 7-04-2014 04:40 AM (11 years ago) (m)
This is what bribe can do, what do you expect when Jonathon recently honored Queen Eliza, with lots of peoples found, they are now praising a country with out any meaningful infrastructure, no job, unemployment everywhere, Nigeria is really a zoo. NA UR USELESS PAPA BRIBE THEM ABI?
Posted: at 7-04-2014 04:40 AM (11 years ago) | Gistmaniac
but let citizenz have some benefits..Stingy politicians doing 2 many cricum cracum 
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