July 20, 2018

Nigeria’s Economy Ranked Largest In Africa, World’s 26th by Isaac Anumihie.

Nigeria was at the weekend ranked the largest economy on the African continent and 26th largest in the world with new Gross Domestic Products (GDP) of $453,966.81 billion as against the 1990 GDP of $258,555.58 billion. With the new ranking, it is expected that Nigeria may emerge the first African country to meet the 2015 Millennium Development Goal (MDG). The GDP was rebased from 1990 to 2010. But according to the National Bureau of Statistics (NBS), which carried out the exercise with assistance of respected Nigerian economists including Professor Olu Ajakaiye, President of the Nigerian Economic Society, Professor Akpan Ekpo, Dr Ayo Teriba and others; the International Monetary Fund, the World Bank, the African Development Bank and other partners, the rebased estimates indicate the forecast for the nominal GDP for Nigeria in 2013 is N80,222,128.32 ($509.9 billion).


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