Nigeria’s economy has overtaken South Africa to be the largest in Africa after the much waited GDP rebasing result was released by the Statistician General, Dr. Yemi Kale.

Kale while unveiling the new figures at a public event in Abuja on Sunday stated that the current GDP OF Nigeria stands at $510 thereby making Nigeria the largest economy in Africa and 26th in the world.

Nigeria’s economy has overtaken South Africa to be the largest in Africa after the much waited GDP rebasing result was released by the Statistician General, Dr. Yemi Kale.

Kale while unveiling the new figures at a public event in Abuja on Sunday stated that the current GDP OF Nigeria stands at $510 thereby making Nigeria the largest economy in Africa and 26th in the world.

Explaining the concept of GDP and how it is calculated, as well as a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He added that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

The finance minister and co-ordinating minister for the economy Dr Ngozi Okonjo Iweala said that Government will work on polices that will ensure the economy is fully diversified to grow the economy.

Nigeria’s GDP was last rebased in 1990 and will henceforth be done every 5 years.

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Breaking news: Nigeria overtakes South Africa to become largest economy in Africa and 26th globally