Nigeria is one of the most developed countries in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria GDP Growth Rate - was last refreshed on Monday, November 10, 2014. Nigeria Becomes Africa’s Largest Economy In April of 2014, Nigerian National Bureau of Statistics had revised the country’s GDP in 2013 from 42.4 trillion naira to 80.2 trillion naira. As a result, Nigeria’s output grew by 89 percent, making the country Africa’s largest economy, ahead of South Africa. This significant modification is a result of a process called “rebasing” under which the base year of GDP calculation was changed to 2010 from 1990. While the old GDP figures were based only on output estimates, the new once gained ten new categories reflecting spending and income. Also, the GDP structure now gives greater weight to fast-growing industries like communications and entertainment as activities like production of motion pictures, music, sound recording, publishing, arts, entertainment and recreation were included. Main changes to the GDP structure: 1. Services sector grew to around 50 percent of total GDP from 25 percent 2. Manufacturing, which used to account for 2 percent, now stands at 7 percent 3. Mining and construction sector account for around 20 percent, half of the share under the old structure. 4. Weight of agriculture declined to 20 percent from more than 30 percent The new figures are a proof that Nigerian economy is moving away from an oil-centered structure, yet there is still a long way ahead for the average Nigerian to feel better off.
Posted on: Mon, 10 Nov 2014 15:02:23 +0000
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