National Bureau of Statistics: Yemi Kale

Yemi Kale: On paper, the size of the economy expanded by more than three-quarters to an estimated 80 trillion naira $488 billion for 2013, Yemi Kale, head of the National Bureau of Statistics, said at a news conference yesterday to release the data in the capital, Abuja. That compares with the World Banks 2012 GDP figures of $262.6 billion for Nigeria and $384.3 billion for South Africa , according to Bloomberg. While the revised figure makes Nigeria the 26th-biggest economy in the world, the country remains behind in income per capita, ranking 121 with $2,688 for each citizen, according to Finance Minister Ngozi Okonjo-Iweala. With better information we can see that our economy is more diversified than before, she said, citing contributions by services and telecommunications and Nigeria s economy surpassed South Africa s as the largest on the continent after the West African nation overhauled its gross domestic product data for the first time in two decades. The NBS recalculated the value of GDP based on production patterns in 2010, increasing the number of industries it measures to 46 from 33 and giving greater weighting to sectors such as telecommunications and financial services. ( As reported in the news.

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