This year, our normally loud Nigerian brothers are set to become almost unbearable. If you think that is impossible given they are already globally renowned for being boisterous, wait until the results of a 'rebasing' of the country's Gross Domestic Product are out later this year.
Rebasing an economy essentially involves bringing in 'from the cold' under-reported sectors of an economy. For many African countries, not least
Big rival and
The Nigerian rebasing comes on the heels of the country being funnelled into the freshly-minted MINT acronym—the world's 'new' emerging economies alongside
With a huge market of 166 million, it is the world's seventh most populous economy. By 2055, it could be third, behind
What could possibly dampen the outlook for Nigerians this year? A number of things actually, but two are key.
The fact is that this headline growth needs to trickle down. Rebasing the economy is likely to expose inherent inequalities. The per capita numbers will increase significantly, but the number of those living on less than
This is why the country cannot afford scandals of the kind that have riveted the country in the last few months. Its central bank governor has claimed that as much as
While Lamido Sanusi has revised his figures downwards—reportedly under duress-- to
Why is oil so important to
Yet its rainy-day fund designed to keep its budget balanced, has gradually and obliquely been drawn down, to a point where a significant decline in world prices could leave the economy teetering, to unimaginable consequence. Simply put, further mismanagement of such a crucial resource should not be countenanced anymore by Nigerians.
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