With the current Gross Domestic Product (GDP) at $510 billion, Nigeria has emerged the largest economy in Africa.
Announcing this on Sunday in Abuja at a public event was the Statistician-General of Nigeria, Dr. Yemi Kale.
The GDP is the market value of all officially recognised final goods and services produced within a country in a year, or given period of time. Nigeria’s GDP was last rebased in 1990.
Dr. Kale explained the process of rebasing a nation’s GDP, its concept and how it is calculated.
According to him, rebasing is not all about new figures; it also reveals the performance of the nation’s economy in data form.
The Statistician-General expressed delight that the current rebasing would assist the country in getting its statistics right.
While stressing the need not to mix data with ideology, Dr.Kale said “We need to be more objective in the way we apply our data.”
The Minister of Information, Labaran Maku, had after the weekly Cabinet meeting last Wednesday hinted of the announcement t a new GDP after a rebase carried out international agencies in conjunction with the Ministry of Finance.
