GDP Re­bas­ing: AfriHer­itage tasks FG on sus­te­nance

Daily Trust - - BUSINESS - From Mo­hammed Shosanya, La­gos

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.

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