{"id":13715,"date":"2014-04-07T06:44:13","date_gmt":"2014-04-07T06:44:13","guid":{"rendered":"https:\/\/new.igihe.com\/nigeria-is-now-africa-s-biggest-economy\/"},"modified":"2014-04-07T06:43:25","modified_gmt":"2014-04-07T06:43:25","slug":"nigeria-is-now-africa-s-biggest-economy","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/nigeria-is-now-africa-s-biggest-economy\/","title":{"rendered":"Nigeria is Now Africa’s Biggest Economy"},"content":{"rendered":"

{{Nigeria has “rebased” its gross domestic product (GDP) data, which has pushed it above South Africa as the continent’s biggest economy.}}<\/p>\n

Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.<\/p>\n

GDP for 2013 totalled 80.3 trillion naira (\u00a3307.6bn: $509.9bn), the Nigerian statistics office said.<\/p>\n

That compares with South Africa’s GDP of $370.3bn at the end of 2013.<\/p>\n

And Nigerian financial analyst Bismarck Rewane called the revisions “a vanity”.<\/p>\n

He added: “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.”<\/p>\n

Rebasing is carried out so that a nation’s GDP statistics give the most up-to-date picture of an economy as possible.<\/p>\n

Most countries do it at least every three years or so, but Nigeria had not updated the components in its GDP base year since 1990.<\/p>\n

Then, the country had one telecoms operator with around 300,000 phone lines. Now it has a whole mobile phone industry with tens of millions of subscribers.<\/p>\n

Likewise, 24 years ago there was only one airline, and now there are many.<\/p>\n

International aid donors are keen for more African countries to undertake this process regularly because it enables them to make better decisions when it comes to aid.<\/p>\n

\"\"<\/figure>\n

BBC<\/p>\n","protected":false},"excerpt":{"rendered":"

{{Nigeria has “rebased” its gross domestic product (GDP) data, which has pushed it above South Africa as the continent’s biggest economy.}} Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production. GDP for 2013 totalled 80.3 trillion naira (\u00a3307.6bn: $509.9bn), the Nigerian statistics office said. That compares […]<\/p>\n","protected":false},"author":2,"featured_media":2000051498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[100],"byline":[170],"hashtag":[],"class_list":["post-13715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-africa","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000051498,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton13715.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/13715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=13715"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/13715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000051498"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=13715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=13715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=13715"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=13715"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=13715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}