In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product (GDP). In 2015, The size of South Africa’s economy was $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion but latest estimates from the IMF however put Nigeria’s GDP at $415.080 billion
The United States, China and Japan maintained their spots as the largest economies in the world, with a GDP of $18.561 trillion, $11.391 trillion and $4.73 trillion respectively.
Gross Domestic Product is the market value of all goods and services produced within a country in a given period of time. The time period most often used is one year, which is then compared to past years as a way to measure the improvement or decline of a country’s economic situation. Some of the measurable items utilized in GDP calculations include the sales of automobiles, food, salon services, financial services, Oil sales, and movie tickets. Generally, the higher the number, the better the economy is doing.
If the GDP number drops below the point where it stood during the prior year, then it is assumed that the economy is lagging. If the GDP numbers decline for two or more quarters, economists believe the country is in a recession.
Nigeria is said to be in recession and Nigerians are suffering from Inflation, poverty and unemployment; still, IMF claims the country is the biggest economy in Africa. Do you agree?
BIG QUESTIONS:
1. Do you agree with IMF that Nigeria is the biggest economy in Africa based on it’s GDP growth?
2. Is Nigeria really in recession or, are bad eggs hoarding our resources to themselves?
3. Why is the purported growth in Nigeria’s GDP by IMF not affecting the so called “common man” positively
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Edited by: Endy Edeson
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Johnson Ahile
IMF is making caricature of our leaders
Endy Edeson
how?
Tari Kay
true.. the effect of diversification
Endy Edeson
@tari: but the masses are not enjoying the diversification
Tari Kay
We
just are not patient in Nigeria.. The masses will get the effect with
time.. Let's just be patient and support our leaders.. We'll get there
Endy Edeson
@Tari:
If only the patience will not linger till the next election. We
Nigerians deserve to be carried along as Nigeria is growing
economically.