This new GDP pushes Nigeria to the number one position as the biggest economy in Africa. A position South Africa has held for quite a while. This also means the Nigerian economy is 6-times bigger than that of Ghana.
GDP for 2013 totalled 80.3 trillion naira (£307.6bn: $509.9bn), the Nigerian statistics office said.
That compares with South Africa's GDP of $370.3bn at the end of 2013.
However, some economists point out that Nigeria's economic output is underperforming because at 170 million people, its population is three times larger than South Africa's.
On a per-capita basis, South Africa's GDP numbers are three times larger than Nigeria's.
In layman terms, going by the current GDP, each Nigerian is worth $3000...loool!
The Nigerian population is not better off tomorrow because of this announcement. It doesn't put more money in the bank or more food in our stomach. It changes nothing."
Rebasing is carried out so that a nation's GDP statistics give the most up-to-date picture of an economy as possible.
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.
What's your take on this matter? This is hard to swallow considering the hardship being experienced by Nigerians on a daily basis. The NIS recruitment tragedy easily comes to mind.