Nigeria is now Africa’s largest economy and 26th in the World
with a total GPD of $510 billion.
To arrive at this position, the West African country frog leaped its South African Counterpart. The country which moved 10 points forward now ranks next to Argentina
and just above Austria in the latest world Bank ranking.
Ngozi Okonjo-Iweala, Minister of Finance and coordinating minister for
the economy who made the revelation today at an event in Abuja to mark
the Rebasing of the country’s economy, said, the figures were arrived
at after being rigorously scrutinized by Yemi Kale, the country’s
Statistician General, a 6-man team of Nigerian economic experts and an IMF
consultancy team.
Okonjo-Iweala who observed the contributions of other sectors of the economy
like Agriculture, Nollywood, Telecommunications and Small & Medium
Scale Enterprises, stressed the need to diversify the nation’s
economy.
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