GDP Rebasing: AfriHeritage tasks FG on sustenance
AfriHeritage has implored the Federal Government to put policies in place to sustain the recently released rebased Gross Domestic Product (GDP), in order to meet the aspirations of Nigerians.
The Executive Director of the Institution, Dr. Ifediora Amobi said the rebasing was a welcome development and moved towards realising the nation’s Vision 20:2020.
The size of the economy was reportedly expanded by more than three quarters to an estimated 80 trillion naira ($488 billion) for 2013.
That compared with the World Bank’s 2012 GDP figures of $262.6 billion for Nigeria and $384.3 billion for South Africa.
The National Bureau of Statistics (NBS) recalculated the value of GDP based on production patterns in 2010, increasing the number of industries it measured to 46 from 33 and giving greater weighting to sectors such as telecommunications and financial services.
While the revised figure made Nigeria the 26th biggest economy in the world, the country lagged in income per capita, ranking 121 with $2,688 for each citizen.
Amobi said in Lagos at the weekend that incorporation of sectors such as entertainment, music, telecoms and information technology into the GDP was a step in the right direction and global practice.
He noted that the rating showed that the service sector, industrial sector in general which were not part of the calculation 14 years ago, were all part of the economic growth.