CNN Estimates Ranks Nigeria Among Fastest-Growing Economies In 2015

By CNN Money estimation, the fastest-growing economies in 2015 will be; China, Qatar, Nigeria, Iraq and Bangladesh.

Nigeria is now Africa’s largest economy thanks to a long overdue ‘rebasing’ of GDP. Nigeria has “rebased” its gross domestic product (GDP) data, which has pushed it above South Africa as the continent’s biggest economy.

Nigerian GDP now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.

However, some economists point out that Nigeria’s economic output is under performing because at 170 million people, its population is three times larger than South Africa’s.

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.

International aid donors are keen for more African countries to undertake this process regularly because it enables them to make better decisions when it comes to aid.

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Deji Sadiq, a.k.a DEJI OF LAGOS is a LASU trained Economist turned freelance journalist, a Blogger, an information strategist, a public affairs analyst and a committed activist with a passion for equal opportunities.