NIGERIA BECOMES AFRICA’S LARGEST ECONOMY…26TH LARGEST IN THE WORLD

AFP
6 April, 2014

Nigeria on Sunday became Africa’s biggest economy, leap-frogging South Africa, after the government
announced a long-overdue rebasing of the country’s gross domestic product.

The new calculations take into account changes in production and consumption since the last time the exercise was carried out in 1990, including an added focus on communications and the movie
industry.

The data indicated that the economy grew to $453 billion in 2012, instead of $264 billion as measured by the World Bank for that year. South Africa’s economy was at $384 billion in 2012, according to the World Bank. Estimates for 2013 indicated further
expansion to $510 billion, Nigeria’s chief statistician, Yemi Kale, told a news conference in the capital, Abuja.

“Nigeria has moved to be the largest
economy by GDP size in Africa and has
moved to be the 26th largest economy in the world,” finance minister Ngozi Okonjo-Iweala said. “On a per capita basis, Nigeria is number 121 in the world. So, we have a total GDP size where we have moved up to 26th,” the former World Bank managing director added.

– New industries –

The widely expected results are based on calculations taking into account a range of new sectors and industries that were negligible or non-existent in 1990. They include the mobile telephones market — Africa’s largest — music and the hugely popular local film industry, Nollywood. Nollywood, for example, was now worth 853.9 billion naira ($5.1 billion, 3.7 billion euros) or 1.2 percent of GDP.

“The rebased GDP numbers imply that the level of economic activity is much higher than previously reported,” the finance ministry said in a statement, adding that the economy was becoming more driven by the service sector. “It indicates a clearer picture of Nigeria’s economic landscape, and the significant opportunity for growth and wealth creation in the Nigerian economy.”

With 170 million people, Nigeria is about three times the size of South Africa and has enjoyed high rates of growth, notwithstanding widespread corruption, poor governance, rampant oil theft and a raging Islamist insurgency in the north.

According to the International Monetary Fund, Nigeria averaged 6.8 percent annual growth from 2005 to 2013 and was projected to grow this year at a rate of 7.4 percent. That compares to a little over five percent between 2005 and 2008-9 in South Africa, which has struggled to go
beyond 3.5 percent since.

Global investors have been eyeing
Nigeria as a potential boom market,
along the lines of the BRIC countries
(Brazil, Russia, India and China) 10 years ago. But economists have warned not to take the new figures at face value, given that South Africa — the continent’s only G20 member — has fewer people and is streets ahead in areas such as infrastructure and governance.

Okonjo-Iweala said GDP per capita in
Nigeria was now $2,688 — up from
$1,555 in 2012 — taking the country from 135th position in the world to 121st. GDP per capita in South Africa in comparison was $7,508.

Kale for his part said the figures should not be seen as an end in themselves but should be used to help the government shape policy for the future.The next rebasing was planned for 2015, with the results out in 2016, he added.

– A ‘vanity’ exercise –

For ordinary Nigerians — most of whom still live on less than $2 a day — the rebasing is likely to have little effect,but it will improve the country’s balance sheet and its credit rating and promote it from being a low-income economy.

Nevertheless, Nigeria still faces an
immense challenge in terms of
infrastructure deficits. Slow ports, bad
roads and a lack of electricity are some of the major factors hampering business activity.

Bismarck Rewane, the head of the Lagos-based Financial Derivatives Company said the exercise could only be meaningful “if it impacts positively on the living standards of the people”. “Nigerians will still buy petrol at the same price, they will still have the same amount in their pockets, electricity is not going to improve on Monday morning,” he said. “So, the exercise is a journey from reality to vanity,” he added. South Africa will continue to remain the most competitive economy, despite Nigeria’s new status, he added.

About beegeagle

BEEG EAGLE -perspectives of an opinionated Nigerian male with a keen interest in Geopolitics, Defence and Strategic Studies
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51 Responses to NIGERIA BECOMES AFRICA’S LARGEST ECONOMY…26TH LARGEST IN THE WORLD

  1. beegeagle says:

    Abegiii..who nor laik am, mek e go hug NEPA transformer. All the dampeners..lol. Bad belle pipo. And wetin dat Waffarian wey wide mouth laik hippo dey yarn sef..Bismarck abi wetin? Rubbish. Naija on point jare…sustain.

    Does China enjoy better infrastructure or governance indices than Japan who they overtook to become Asia’s biggest economy?

    Gentlemen, we just gained some MAJOR political mileage and I hope our leaders maximise that. Worthy SA are on the G20 not because they are even a G30 economy as we write this but because they WERE the largest economy in Africa. Ditto BRICS..which now has to become BRINC🙂. Shege..see my Naija on the ball !! So unless there is some residual vendetta not already contained in the stash of articles seen today, it is our turn..pointblank and period.

    And the economic profiling just got weightier..try this for a preamble “most populous country in Africa and the Middle East and the largest economy in Africa”…no tag for wannabe big hitters or bantamweights with oversized egos.

    And with an even accelerated growth rate of 7.4% and ten power stations coming on stream in a matter of months, the Vision 20:20 of becoming a G20 economy by 2020 is almost CERTAIN to be realised. The dynamics of a giant at play…God is still on the side of big battalions.

    God bless our Federal Republic of Nigeria…Africa’s biggest economy and reigning soccer champions of Africa. We have again upset the form book which proclaims growth to be impossible where corruption is rife and in the absence of security. We are still galloping even while at war. That is because we are NIGERIANS..sure-footed, God-ordained and odds-defying. Watch us some more..here or in Nollywood.

  2. JK says:

    Write up I mean.

  3. Oje says:

    The Kenyans are reeking with rage. You need to view theor jornams and forums to see what they are saying and writing. Its a shame actually.

  4. Are James says:

    Do these computations even include the black economy?.
    Hundreds f thousands of mechanic shops, palm oil mills, shoe making, tailoring, bukaterias …and of course ‘micro scale oil refining’ a..lol.

  5. gbash10 says:

    Any body that is not happy with this wonderful economic status of Nigeria should dive into the Indian Ocean or the Atlantic Ocean and die,all d mugus.
    Vision 20-20-20 is really working,Naija we hail thee o!
    God bless NIGERIA and its PEOPLE.

  6. beegeagle says:

    Perhaps it is a bit too much for those who thought you were squatting on the same dump to imagine that you are taking off despite the global campaign of calumny against Nigeria. They know what you just got into and would not savour this moment themselves at any moment during our lifetimes because our growth rate is witnessing a spike and the gulf between us is becoming a chasm which cannot be bridged. The scale of the beast in the room is starting to become apparent.

    What do you expect a man who thought they were in contention to do – population four times bigger, economy twelve times larger? They are shrinking while you are expanding in the face of real and contrived odds alike. The REAL powerhouses, NGR and RSA, have separated themselves from the wannabes, so let the sour grapes begin. While they are expending negative energy on frivolous stuff,they might slip even further back.

    Nigeria, the laughing stock crammed full of resilient people with swagger and brimming with self-belief, are becoming the shiny beacon and it is unconscionable for many supposed brothers who are typically poor in spirit and die a little when it goes well with Nigeria. Let them run commentaries about the PLAYERS.That is what minnows and small minds do.

    Once upon a time, they thought you were lumped together,,,hapless and unwilling to make a dent, content with looking to and remaining subservient to Oyinbo in all things. So white South Africa’s economic pre-eminence was okay and could not be challenged. Today, black Nigeria’s emergence is the stuff of dreams and cannot be stomached.

    Well, they IMAGINED that we were all squatting, low potential backwaters. Which other country could have defied all these odds, not least the campaign of calumny, to break the mould? The negative vibes about Nigeria, the wars, corruption could be counted to keep her down while they play catch up. Or so they thought. Reality check..it is not working. They are still where they were, content with validation and pats on the back by Oyinbo while the much maligned Nigeria shrugs all of that off in supreme self-belief and construct an APC, a patrol ship (with an even larger one on the way), a bomb disposal robot, rockets,a drone. They are still net recipients of everything, arms and donor aid alike, even as we continue to forge ahead, regardless of being assailed by negative stereotypes. Now we are making their idealised nations look ordinary and it stings.

    I mean, oue economy is now double that of mighty Egypt (US$510 billion to US$262 billion) which was supposedly Africa’s number 2 economy as recently as 2011? Such gargantuan feats coming from dysfunctional Nigeria cannot sit well with the poor in spirit..not while with all the accolades they get, you much-maligned Nigerians make them look so ordinary. They are still where they were pretending to be among the top guns (wannabes,more like) since 1975? The real scale and scope of pre-eminently God-ordained Nigeria is starting to sink in now.

    And why not? Our GDP is now double that of some sub-regions whose combined population is larger than ours. So even our large size has not stopped us from doing better than they, the favoured and unblemished blue-eyed favourites of aid donors and investors. We are content with being the black sheep..tis the reason we thrive.

    Closer to home, Nigeria’s GDP is now TRIPLE the combined total for the rest FOURTEEN ECOWAS countries PUT together. Self-styled giant of Africa still? Deal with it, blokes. The make-believe ‘West African rival’ herself with a population size that is seven times smaller now has an economy that is fourteen times smaller. Can’t you see how badly we REALLY fare in Nigeria🙂 ?? Oh, that bad nation Nigeria…the source of all African problems? Why Nigeria?

    They say we are corrupt, poorly governed, shambolic, anarchical, profane, crooked while EVERYTHING in their countries is laid out pretentiously to attract foreign investors.

    Well, against all odds…bad roads, bad people, suicide bombers, bad government, no light, bureaucratic bottlenecks, bad ports, LOOK who is winning now? Yeah…it is rotten and dysfunctional Nigeria. Mek dem nuh suffer seizure o..

    So let those who want to belly-ache, do just that. It is the best that the hapless can do. It is called the “crabs in a barrel mentality” where they spend every waking moment pulling one another down such that nobody gets out of the wretched barrel.

    Well, we are NIGERIANS and by God, we just LEAPT out of the barrel. More heroics ahead…

    • Are James says:

      To be fair to most Western observers however I think they all concede that the average Nigerian has the least tendency to feel ‘entitled’ and depend on government for hisvmeans of self actualization compared with other third world country nationals. I think this self emancipation and individualism is the psychological main spring of this frenzied drive to make good in thw material world that has led to the high level of economic activity we are seeing. Here everybody not only feels capable of being Dangote they are actually working to be Dangote with all the corruption and occasional unfair competition that the attitude brings. Government however needs to harness that energy and channel it creatively for a more wholesome and humane purpose so that we stop being assaulted by stories of kidnappings, baby factories and oil theft.

      • Akin Oges says:

        Entirely spot on Sir. An American colleague has on few instances tried to extract from me the answer to our self-possession and undeniable pushfulness. And I always attempt to explain that Nigerians are socialised to develope the philosophy that there is no such thing as second best. That in turn drives them to be highly competitive: they place high aspirational demands on themselves, regardless of class. Therefore, along the way, what non Nigerians may term as insurmountable “why-I-gave-up” obstacle would be merely viewed as just another huddle to overcome and continue the journey. What is more, we do it unconsciously. It comes at a price though: we tend be seriously individualistic/singular minded.

  7. igbi says:

    We are Nigeria.

    • beegeagle says:

      Yes, we are – always were and always shall be unabashedly Nigerians

      – biggest black nation in the world

      – most populous country in Africa and the Middle East

      – biggest economy in Africa

      – African champions where it matters the most🙂

      For good or for bad, a country of superlatives.

  8. beegeagle says:

    While we are it, can we focus on what the contenders have to say and leave out what the wannabes and ‘big fish in minor pond’ sorts think they have to say? Thank you.

    Any country which has a quarter of Nigeria’s population but only manages a measly one-twelfth of our GDP (meaning that they are actually thrice as poor as Nigerians on the average) has no business running commentaries on either our GDP size, income distrubution or our per capita income. Just “shush” it, men. They were never in the running, baseless posturing notwithstanding. Cold reality is now starting to dawn on many.

    Only a clown with major delusions of grandeur would imagine that his country is engaged in some form of rivalry with another country whose economy is 10-12 times bigger than his. Fact of the matter.

    So wherever you find the sour grapers, know which comments to take notice of and those which do not deserve a moment’s attention.

    Good morning, gentlemen. The GIANT has arisen to take its place in the glorious sun and to fulfill its destiny. If there is gnashing of teeth anywhere, so be it. We are who were are regardless…Africa’s biggest economy.

  9. beegeagle says:

    FROM DANOOZ MKENYA

    “Congrats Nigeria on being Africa’s biggest economy”

  10. ozed says:

    No body in their right mind imagines this re-basing by itself merits a shout of ‘uhuru’. There is still work to be done everybody appreciates that.
    But this rebasing states facts as they are. There is no reason why we should not take credit for the size of our economy. Dont mind bad belle people, they want to be taller than us and shorter than us at the same time.

    Kudos to Naija. Let the good work continue.

  11. startrek says:

    YES we are NIGERIA after all … every other things be damned

  12. G8T Nigeria says:

    They can eat grass if they complain too much. I would love to hear a mind breaker after this economic feet. NIGERIA SIGNS DEAL FOR 48JF 17 THUNDER, 3 CHINESE DESTROYERS and 150 T 190 TANKS. It will send panic all the way. Up nigeria.

  13. Deltaman says:

    Would love to see us at number one here: http://odili.net/news/source/2014/apr/6/600.html

  14. Yagazie says:

    Gentlemen, I tire o!

    A jaw dropping $510billion dollar economy IN SPITE OF:
    (i) – Innadequate power supply- just about 4,000MW
    (ii) – very poor infrastructure in the form of choked seaports, poor airports, poor road network and a virtually non-existent rail /inland waterway network;
    (iii) – massive oil theft in the niger delta;
    (iv) – FOUR non-functional refineries- causing us to import fuel and waste billions of dollars annually on petroluem subsidies;
    (v) – a negligible mining sector- in spite of the fact that we have a lot of precious solid minerals
    (vll) – a non functional Iron and Steel foundry at Ajaokuta.
    (vi) a serious terrorist insurgency in the north-east
    (vii) pervassive corruption- just to name a few.

    Just think of what our real GDP figures would look like if we sort out these challenges . SCARY!!!

    We should be looking at our ‘economic peers’ such as Mexico, Turkey, Malaysia, South Korea, Indonesia etc and thinking of growing our GDP into ‘trillion dollar territory.’

    Whilst having no economic rival in Africa, we must accept that countries like South Africa, Eygpt, Algeria, Morroco, Ethopia, Angola and Kenya are the other key african economies and we must relate with them as such.

    The truth must also be said that if right from the get-go we had done what we were supposed to do, no African country would even be thinking of seeing themselves as our rivals- so lets not give them respectability by responding to the juevenile rantings of their citizens. If they are not happy with our progres- then they can go hug a live NEPA transformer.

    As the 26th largest economy in the world, vision 20:2020 looks realistic now.

    The G-20 and BRICS now know that to have any real iota of credibility- Nigeria MUST be a part of their organisations. Africa’s largest economy and most populous country CANNOT BE IGNORED.

    Kudos to Madam Okonjo-Iweala, Dr Yemi Kale and his brilliant team at the NBS and our President GEJ for ensuring adequate funding of the NBS to enable them undertake this herculean task.

    Finally having the largest economy in Africa – should translate into having one of the best equipped and respected armed forces in Africa- as all major economies have a well equipped and powerful millitary. Oga Jonathan and Madam Okonjo are you listening??

  15. Deway says:

    Well done my Nigeria. In spite of all our issues and challenges, the Nigerian spirit cannot die. The difficulties we find ourselves in are our motivating factor to excel against all odds. Something our African “brothers” cannot understand. The world is used to negatives emanating from Nigeria. BBC, CNN, Aljazeera and even our own Sahara Reporters are quick to tell the world how bad we are; Re: “Boko haram kills 67 villagers, Corruption in high heavens, this and that amount missing”, etc. Even though some of these stories are true, same cannot be said of them showing our strengths in the same capacity. Beeg eagles blog with its small resources carried news about Pro force long before any Nigerian newspaper did. Innoson is there manufacturing/assembling vehicles, the world will not hear this. Coscharis has just signed an MOU to start mass assembly of cars, trucks and buses in-country, Dangote is doing us proud, Nollywood is booming generating millions in revenue and employing a good number of people. Local computer assembly lines spring up everywhere. These are just the few I can remember, and we shouldn’t forget the non-formal sector of our economy like Oga Are James mentioned. Nigerians do not wait for the white man to do it for us, and this make us different from the rest of SSA. Make we savour this one jare!

  16. jimmy says:

    We are Nigeria!

  17. beegeagle says:

    That is more like it…a General congratulates a Field Marshal🙂. Mek una lef SNCOs mata for now.

    S. AFRICA WELCOMES NIGERIA AS AFRICA’S BIGGEST ECONOMY

    CAPE TOWN, April 7 (Xinhua)

    South Africa welcomed the announcement that Nigeria, Africa’s most populous nation, is now the biggest economy in sub-Saharan Africa(kai..tis “in AFRICA”), the National Treasury said on Monday.

    “The announcement resonates with South Africa’s consistent message since 1994 that we want to see more African
    economies grow and live up to their
    potential, just as we continue striving to
    do so in with our own economy,” the Treasury said in a statement.

    Nigeria has become Africa’s biggest
    economy after the country “rebased” its
    gross domestic product (GDP) data. Nigeria’s GDP now includes previously
    uncounted industries like telecom,
    information technology, music, online
    sales, airlines, and film production. The West African country’s GDP for 2013
    totalled 80.3 trillion naira (about 509.9
    billion U.S. dollars), compared with South Africa’s 370.3 billion dollars at the end of 2013, according to the Nigerian statistics office.

    “The announcement gives concrete
    expression to the fact that Africa is
    indeed rising,” the South African Treasury said. It said South Africa has been and will continue to benefit from faster economic growth in the rest of the continent.

    Furthermore, the South African
    government and the private sector
    continue to play no small a part in the
    growth and development of the
    continent, said the Treasury.

    In Nigeria’s case, the wholesale and retail and the telecommunications sectors, the two largest components of the services sector, have big participation by South African firms who have played a big role in the growth and development of the two sectors, the Treasury said.

    “This is a positive story of African
    countries contributing to re-shaping each other’s economies through increased investment. South Africa will continue to nurture mutually beneficial trade and investment ties with Nigeria and other African countries,” said the Treasury.

  18. Yagazie says:

    And this gdp rebase comes about a week before Nigeria (as Africa’s largest economy) is to host the African Summit of the World Economic Forum 2014 in Abuja. Perfrect timing.

  19. beegeagle says:

    And the Premier of Asia’s biggest economy and most populous country is coming soon to Africa’s most populous country and biggest economy..

  20. Deway says:

    ….correction taken!

  21. Deltaman says:

    Make dem give us light … simples

  22. Makanaky says:

    The cock shall Crow when it is due ! The Cock crow at dawn, The Dawn of a new era for Naija as e go always better !!! God bless my Father and Mother land.
    This is just the beginning as all things shall now fall in place and not apart like Things fall apart.

  23. G8T Nigeria says:

    my friends something good is coming our way. we are growing steadily and I can see the giant climbing higher. Many of us hate our country so much that we praise the devil for his good works. Many years ago, the slave trade brought out the light in this country. At a time blacks were crying, suffering for jobs in UK and US, Nigeria organised FESTAC activities and invited the whole world. The few blacks who came around were shocked that a black nation could organise something like that, they saw roads, houses and all. They went back challenging their mentors and the very media weapon began. The strategy was to bring Nigeria down by all means. Now, the masters who brutally dealt with our forefathers are loved everywhere yet Nigeria seems to be receiving a negative price for her good to elevate other African countries. Our image is damaged by this foreign media experts who ensured nothing good is heard about Nigeria. During the military era, a lot of offices where in force, we had chief propaganda, economic analyst and all, these individuals monitored international conspiracies and at a time during Abacha’s regime, dollar equivalent in Naira was negligible. We have our problems but we explode our problems to a fault. Corruption, bribery, rituals, kidnapping, militancy are concepts well written in dictionaries long before Nigeria existed, therefore we cannot stop what seems to be driving the world depending on whose perspective you take. We must rise up and never be shy towards pointing fingers on whoever points fingers at us. It is us the citizens that should defend Nigeria’s values no matter the situation. I am seeing an emerging power who is presently leading the 16 member UN sec council, who is the largest economy in Afirca, having the largest satellite program in Africa and beyond, developing its own military steadily and establishing greater economic and defence ties faster than any other nation in Africa. Change your perspective, you occupy the future you are dreaming of Nigeria today, therefore be positive towards Nigeria first to send these media experts parking. GOOD PEOPLE GREAT NATION

  24. beegeagle says:

    NIGERIA has always been poised to pop up her big head at the top. Even before now, and while South Africa moved in BRICS circles, we were one of the MINT (Mexico-Indonesia-Nigeria-Turkey) nations of emerging economic giants.

    MINT NATIONS

    http://www.parliament.uk/briefing-papers/SN06791/nigeria-minted

    http://www.m.bbc.com/news/magazine-25548060

    http://www.metro.co.uk/2014/01/02/licence-to-mint-money-the-countries-that-could-become-economic-superpowers-4240947/

    http://www.commonslibraryblog.com/2014/01/14/the-mint-emerging-economies/

    We have ALWAYS been a candidate for top pickings and that is the gospel truth. It is just our portion and that I say, unapologetically. Maybe that is why the envious always tend to prescribe the breakup of this giant nation as a panacea for all Nigerian problems. The secretly hope that a breakup would erode the headstart which Nigeria enjoys over their countries. Nigerians are smart and know better than to fall for such cheap tricks.

    Our boundless potentials as a nation and people, perhaps, has to do with the dynamics of an enormous nation with sure-footed and vibrant people for whom “impossible is NOTHING”. Ignore us at your peril🙂

    Before emerging as Africa’s largest economy, we were simultaneously a MINT nation and gazetted as a NEXT ELEVEN economy. Na so we see am.

    NEXT ELEVEN nations

    http://www.en.m.wikipedia.org/wiki/Next_Eleven

    Er, if your country is not listed in any of these brackets – BRICS, MINT, TIGER CUB, CIVETS, D8 or NEXT 11, just quit the vacuous posturing or claiming to be what you are not and take it lying down. Your country are minnows…that is what the vetting world think. The real and potential big hitters know themselves – by sight.

    I mean, just look at the depth of ‘hatorade’ emanating from some parts of Africa? It is so bad and it signposts grand delusions because even in such ‘all-comers affairs’ as the 3G (GLOBAL GROWTH GENERATORS) NATIONS, which includes small countries such as Sri Lanka and Mongolia, none of these self-styled ‘rival African nations’ nearly makes it onto that easiest of lists. Yet they antagonise Nigeria because they thought they were ever contenders? Nigeria are also a 3G NATION, for emphasis. Give it up, buddies.

    So I say, enough of the Nigeria antagonism orchestrated by malcontents as is currently underway on the internet: “largest economy in Africa”….fait accompli. Deal with it.

  25. startrek says:

    marshal Beeg ! the massage is loud and clear to those who can comprehend. ahuoaaa

  26. beegeagle says:

    🙂 My Oga at the Top..how you dey, brother?

  27. G8T Nigeria says:

    Oga beeg, u go turn Senator Obayangbon soon. Nice piece of write up. We rlly need to upgrade our view abt our country Nigeria.

  28. beegeagle says:

    Abeg oo..Obahiagbon ke?? Crinkum crackum? Whossai..I nor fit shout🙂

  29. G8T Nigeria says:

    They have started again.

  30. beegeagle says:

    Rebasing fever reaches Kenya…seeks to rebase US$37 BILLION economy

    http://af.reuters.com/article/nigeriaNews/idAFL6N0N336K20140411

  31. Oje says:

    Kenya outstrips Ghana as the country most addicted to competing with Nigeria.

  32. beegeagle says:

    Well, if they rebase around 2013 parameters, there is going to be an increase but it is not going to be as dramatic as was the case in Ghana. Why so? Well, all the highpoints bar the budding oil sector which is still at the exploratory phase and ‘rare earths’ were already captured in GDP indices as of 2001. Name it – agriculture, banking, insurance, GSM sector, tourism…all of those were already captured in 2001 indices since Kenya’s GSM sector kicked off quite early in the late 1990s. They have already factored in the commanding heights of their economy. What will be new is rebasing to 2013 prices and then, inflows from prospecting licenses for oil and rare earths.

    When Ghana rebased, it was against an entirely different backdrop. They were on the cusp of PRODUCING first oil and the GSM sector had not been factored into their GDP even for the first time. That led to the big 60% spike which they witnessed.

    With Nigeria, the indices were so old (1990 parameters) that practically all else bar the oil and agricultural sectors were left out of reckoning. So with rebasing, the recapitalised banking sector – with Nigerians owning their banks in the main and with some of those banks now boasting asset bases in excess of US$10 bn, recapitalised insurance sector, Nollywood (circa 1994), recapitalised airlines (circa late 2000s…from one airline in 1990 to over twenty five today), the 167-million subscriber GSM sector(circa 2001) and the highest portfolio of foreign direct investment inflows in Africa since 2005, contributed to the massive alteration of our GDP figures. Remember, the services sector alone accounted for 51% of GDP? I am sure that the banks asset bases alone, post-recapitalisation in the late 2000s, is now well over US$50 billion. Not to mention the quantum of GSM sector transactions.

    Like I said, these dynamics were already mostly captured in the 2001 based calculations in Kenya bar the oil sector and rare earths, now both in their infancy but not at the phase of production. You can see that the report is more emphatic on the base year (from 2001 to 2013) than on any new realms of major economic activity not already reflected in previous GDP estimates.

    Therefore, given a very generous 33-50% spike, that would probably bring the Kenyans to a new GDP figure of US$50-55bn pending when their mining sector assumes a significant momentum.

    We shall see how it goes.

  33. Eeben says:

    Well done Nigeria! You worked for it and now earned it. Congratulations!!

  34. beegeagle says:

    Eeben of the Legends….how are you today, Oga?

    • Eeben says:

      I am always well, my friend. Thank you for asking. I am saddened to read about the horrific latest attack. My thoughts are with you all in these difficult times.

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