Black Hair Media Forum Homepage
BHM BHM BHM
Summer Hair Takeover Specials
Forum Home Forum Home > Lets Talk > Talk, Talk, and More Talk
  New Posts New Posts RSS Feed - How Nigeria’s economy grew by 89% overnight
  FAQ FAQ  Forum Search   Register Register  Login Login
 

How Nigeria’s economy grew by 89% overnight

 
 Post Reply Post Reply




The Best Human Hair Available with No Service Match

Author
 Rating: Topic Rating: 1 Votes, Average 3.00  Topic Search Topic Search  Topic Options Topic Options
tatee View Drop Down
Elite Member
Elite Member
Avatar

Joined: Jun 09 2006
Status: Offline
Points: 376271
Post Options Post Options   Thanks (2) Thanks(2)   Quote tatee Quote  Post ReplyReply Direct Link To This Post Topic: How Nigeria’s economy grew by 89% overnight
    Posted: Apr 15 2014 at 2:23pm

How Nigeria’s economy grew by 89% overnight

ON SATURDAY, April 5th, South Africa was Africa’s largest economy. The IMF put its GDP at $354 billion last year, well ahead of its closest rival for the crown, Nigeria. By Sunday afternoon that had changed. Nigeria’s statistician-general announced that his country’s GDP for 2013 had been revised from 42.4 trillion naira to 80.2 trillion naira ($509 billion). The estimated income of the average Nigerian went from less than $1,500 a year to $2,688 in a trice. How can an economy grow by almost 90% overnight?

Nigeria has a deserved reputation for corruption, so a sceptic might think the doubling of its economy a result of fiddling the numbers. In fact it is the old numbers that are dodgy. An economy’s real growth rate is typically measured by reference to prices in a base year. In Nigeria the reference year for the old estimate of GDP was 1990. The IMF recommends that base years be updated at least every five years. Nigeria left it far too long; as a result, its old GDP figures were hopelessly inaccurate.

The new figures use 2010 as the base year. Why was the upgrade so big? To come up with an estimate of GDP, statisticians need to add together estimates of output from a sample of businesses in every part of the economy, from farming to service industries. The weight they give to each sector depends on its importance to the economy in the base year. A snapshot of Nigeria’s economy in 1990 gave little or no weight to fast-growing parts of the economy such as mobile telephony or the movie industry. At the time the state-owned telephone company had a few hundred thousand customers. Today the country has 120m mobile-phone subscriptions. On the old 1990 figures, the telecoms sector was less than 1% of GDP; it is now almost 9% of GDP. Motion pictures had not shown up at all in the old figures, but the industry’s size is now put at 1.4% of GDP. Nigeria’s number-crunchers have improved the gathering of statistics in other ways. The old GDP figures were based on an estimate of output. The new figures are cross-checked against separate surveys of spending and income. The sample on which the data are based has increased from around 85,000 establishments to 850,000. Only businesses with a fixed location are included: the traders who weave precariously between the traffic are not captured. Even so, many small businesses are now part of the GDP picture.

Of course, Nigerians are no richer than they were on Saturday night. The majority of the country's 170m people live on less than a dollar a day. What the revised GDP figures show is that its economy is far more than just an oil enclave, exporting crude to pay for imported goods from richer countries. The oil industry’s share of GDP is now put at just 14%, compared with 33% according to the old figures. Manufacturing is much larger than previously thought. Services are booming. It is still a tough place in which to do business. But any company or investor who wants exposure to Africa’s fast-growing markets cannot afford to pass the continent’s largest economy by.


http://www.economist.com/blogs/economist-explains/2014/04/economist-explains-2



Edited by tatee - Apr 15 2014 at 2:26pm
Back to Top
Sponsored Links


Back to Top
Anah View Drop Down
Elite Member
Elite Member
Avatar

Joined: May 08 2008
Status: Offline
Points: 32169
Post Options Post Options   Thanks (0) Thanks(0)   Quote Anah Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 3:44pm
2600 a year! Shocked
Back to Top
NARSAddict View Drop Down
Elite Member
Elite Member
Avatar

Joined: Nov 20 2009
Status: Offline
Points: 30818
Post Options Post Options   Thanks (0) Thanks(0)   Quote NARSAddict Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 3:56pm
I can see that.  About a year or two ago, I went to visit relatives in Nigeria.  We were in Port Harcourt and man, I promise you practically everybody was selling phone cards, phones, accessories, and other brick-a-brack.  You can drive a city block equivalent and by the next roundabout have a dress shirt, slacks, socks, shoes, shades and handkerchief ready to go.  And a nice little snack pack set up.
Back to Top
MizzAmirah View Drop Down
Elite Member
Elite Member
Avatar

Joined: Feb 02 2009
Status: Offline
Points: 20903
Post Options Post Options   Thanks (0) Thanks(0)   Quote MizzAmirah Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 5:05pm
Thunda fyah the biased reporter of this "news". Sleepy
Back to Top
CherryBlossom View Drop Down
Elite Member
Elite Member
Avatar

Joined: Oct 12 2011
Location: London, England
Status: Online
Points: 355337
Post Options Post Options   Thanks (1) Thanks(1)   Quote CherryBlossom Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 5:07pm
^^Dead Cry LOLthat made me scream with laughter smh...sorry o!Disapprove
Back to Top
MizzAmirah View Drop Down
Elite Member
Elite Member
Avatar

Joined: Feb 02 2009
Status: Offline
Points: 20903
Post Options Post Options   Thanks (0) Thanks(0)   Quote MizzAmirah Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 5:07pm
Originally posted by tatee tatee wrote:

How Nigeria’s economy grew by 89% overnight


Nigeria has a deserved reputation for corruption, so a sceptic might think the doubling of its economy a result of fiddling the numbers. In fact it is the old numbers that are dodgy. An economy’s real growth rate is typically measured by reference to prices in a base year. In Nigeria the reference year for the old estimate of GDP was 1990. The IMF recommends that base years be updated at least every five years. Nigeria left it far too long; as a result, its old GDP figures were hopelessly inaccurate.



Reported from Johannesburg....? Kissteet. Now we see the pot calling the kettle black.
They mad. Cool
Back to Top
MizzAmirah View Drop Down
Elite Member
Elite Member
Avatar

Joined: Feb 02 2009
Status: Offline
Points: 20903
Post Options Post Options   Thanks (0) Thanks(0)   Quote MizzAmirah Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 5:08pm
Originally posted by CherryBlossom CherryBlossom wrote:

^^Dead Cry LOLthat made me scream with laughter smh...sorry o!Disapprove


But just imagine! LOLLOL
Back to Top
afrokock View Drop Down
Elite Member
Elite Member
Avatar

Joined: May 19 2008
Location: South London
Status: Online
Points: 821690
Post Options Post Options   Thanks (0) Thanks(0)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Apr 15 2014 at 5:23pm
i remember watching chinese new tv in marrakech and they were talking about this ..

Back to Top
Get Longer Healthier Faster Growing Hair
Get Healthier Stronger Longer Hair
The Elite Hair Care Sorority
Electric Cherry Hair
Hair Extensions Wefted Hair Wigs and More
Human Hair Wigs
Wefting Training
FAB Hair Premium Hair Extensions
DivaWigs.com
Premium Quality Human Hair Extensions and Closures
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down