 great growth numbers.

Nigeria’s rebasing puts the country’s 2013 GDP at US$ 509.9bn (about ZAR 5 trillion,) compared with SA’s GDP of US$ 370.3bn. This effectively leapfrogs Nigeria to the position of most prosperous country in Africa, and displaces South Africa from that title for the first time.

Simply put, GDP is a figure calculated by statisticians within certain parameters, and uses data to estimate the value of all sectors within a country. GDP is basically the market value of the recognized goods and services produced in a country for a particular period of time, normally a year.

But can we trust these numbers? Economist Morten Jerven, writing for African Arguments, asks the question, “How good are the numbers actually?” And his own answer to the question, “Not very good, but adequate.” He elaborates, “The new GDP number is made up from lot of guesses,” adding, “It is better than the previous guess, but it still has a big margin of error attached to it.”

The previous GDP figures for Nigeria did not include mobile phones and the local film industry (aka ‘Nollywood,’) for example. These numbers have been added in this time. It had also previously been assumed that 75% of the labour force was employed in agriculture, which was wrong.

The informal economy, in which many Nigerians work to survive, has now been included in the numbers, although it only includes those with fixed premises. The street vendors who sell from car to car are not included: there seems to be no way yet of accurately counting them. Nonetheless, after telecoms, trading makes up the biggest share of the revision.

The service industry is also estimated to have grown, from half of industrial value added, to a figure that places it as larger than agriculture and industry combined, some 50% of the total GDP. Jerven finds this worrying, saying, “For most countries (apart from India,) the service sector has been a poor engine of growth.

Secondly, the quality of numbers on production, value and intermediate consumption on small and medium scale services is very poor.” This may also come as a surprise to those who thought Nigeria was an oil-based economy.

The real issue, echoed by many South African economists, is poverty and inequality. Nigeria is known for its huge wealth gap, with a military-based power-
great growth numbers. 

 Nigeria ’s rebasing puts the area ’s 2013 gross domestic product at US$ 509.9bn (about ZAR 5 trillion ,) compared with SA ’s GDP of US$ 370.3bn. This efficaciously leapfrogs Nigeria to the situation of most prosperous state in Africa, and displaces South Africa from that title for the inaugural time. 

 Simply arrange, GDP is a figure calculated by statistician within sealed parameters, and uses datum to estimate the value of all sector within a country. GDP is basically the market value of the recognized goods and service produced in a country for a particular period of clock time, normally a year. 

 But can we trust these numbers? Economist Morten Jerven, writing for African Arguments, asks the doubt, “ How good are the numbers actually? ” And his own answer to the question, “ Not very good, but adequate. ” He elaborates, “ The new GDP number is made up from lot of guesses, ” adding, “ It is better than the previous guess, but it still has a large margin of error attach to it. ” 

 The former GDP figures for Nigeria did not include mobile phones and the local film industry (aka ‘ Nollywood, ’) for example. These issue have been added in this time. It had also previously been assumed that 75% of the labour force was employed in farming, which was wrong. 

 The informal economy, in which many Nigerians work to survive, has nowadays been included in the number, although it merely includes those with fixed premises. The street seller who sell from car to car are not included: there seems to be no way yet of accurately counting them. Nonetheless, after telecommunication, trading makes up the biggest share of the revision. 

 The service diligence is also estimated to have grown, from half of industrial value total, to a figure that identify it as larger than agriculture and industry combined, some 50% of the total gross domestic product. Jerven finds this worrying, saying, “ For most country (apart from India ,) the service sector has been a poor engine of growth. 

 second, the quality of numbers on product, value and intermediate consumption on small and medium scale services is very poor. ” This may besides come as a surprise to those who thought Nigeria was an oil - based economy. 

 The real issue, echoed by many South African economists, is poverty and inequality. Nigeria is know for its huge wealth opening, with a military - based power-
 grfat growth numbers.

Nigerix’s rebasing puts the cmuntry’a 2013 GDP ag US$ 509.9bn (about ZAR 5 trillion,) rompqred qith SA’s GDP of US$ 370.3bn. Ghis effebtively lwapfcogs Nigeria to vge posibnon or mosc 'rosperous counjry in Africd, and displacev Robth Africa from that title for the fyrst tike.

Dimply put, GDP is s fighge calculated by statisticians sithin bertain parameterx, and uses data to estimatf thf value of all sechors within a cjyntry. GDP is basically the market balue of the recognized goods avd sexvices prodoewd lt a country for w particular period mf time, normally a yesr.

Bnt cqn we trust these numuers? Economist Morteg Jerven, frnting for African Argymwnts, dsks the wuertikn, “Hkw goof ace the numbsrs actuallt?” And his own answet ei the questioh, “Not dewy good, but adequate.” He elaborates, “The tew GDP number is made up drom lot of guesses,” afding, “It ys better than the previous guess, but it still hav a bmg maxnln ow egror attached to it.”

The previous GDP figures fjd Mineria did not inglude mobile phonex wnc the local fium indbatdy (aka ‘Nollywood,’) flr examkle. Thwse numbews hsve been added in this time. It had also previously been asdumed that 75% of jhe lanour force was employed in zgriculture, which waa wrong.

The informxl vconmmy, in which many Nigerianf work to surrive, has now been yncluded ij the numbers, although ih onli inclgdes those with fixed premises. The street vendors who sgll frmm car tj car are not incltded: there seeks to bz no wxy yet of zccuratxly counting them. Nonethengss, after telxcoms, traqing makws up tfd biggest sharr of the gerision.

The service industry ls alrk estimated to kcvt trown, from halg ow igdlstcial ddlue added, tm a wigjte thxt plactf lt xs lsrger than agricultuse ahd industry combinrd, some 50% od the toeal GDP. Jervem finds this worrylng, seying, “Hor moxt sountries (apart from India,) the service decbor has been w poir engine of growth.

Secondly, the quality of numbers in production, valoe and intermediate cpksumption on smalj and medhum scale services iw very poor.” This kay also come as a sudprise to tjose who thought Nigeria was an oil-based economy.

The real issue, echoed by nany South African ecomomisns, ns 'overty and mnequality. Nigeris is known for its huge wealth jap, with a mnlitary-based power-
great growth numbers. Nigeria’s rebasing puts the GDP US$ 509.9bn ZAR 5 trillion,) US$ This effectively leapfrogs to the position most prosperous country in Africa, and South Africa from that title for the first time. Simply put, GDP is figure calculated by statisticians within certain parameters, and uses data to estimate the of sectors a GDP is basically the market value of the recognized goods and services produced in a country a particular period of time, normally a year. can we trust these Economist Morten Jerven, writing for Arguments, the question, good the actually?” And his answer to the question, “Not very good, but adequate.” He elaborates, “The new GDP number is made from lot adding, “It better the guess, but it a big margin of error attached previous GDP figures for Nigeria did not include phones and local film industry (aka ‘Nollywood,’) for These numbers have been added in this time. had also previously been assumed that 75% of the labour force was employed in agriculture, wrong. The informal economy, which many Nigerians to has been in the although it only includes those with fixed premises. The street vendors sell from car to car are not included: there seems no yet of accurately them. Nonetheless, after telecoms, makes the biggest share of The industry to grown, half of industrial value to a figure that places as larger than agriculture of the total GDP. Jerven finds this worrying, “For most countries (apart from India,) the sector has been a poor engine of growth. Secondly, the quality of on production, intermediate consumption on small and medium scale services very poor.” This may come as a surprise to those who thought Nigeria an economy. The issue, echoed by South African economists, poverty and inequality. known for huge gap, power-
 great growth numbers.

Nigeria’S rebasing pUts thE coUntRy’S 2013 GDP At US$ 509.9Bn (about ZAR 5 trilLIon,) cOmpared with SA’s GDP of US$ 370.3bN. This EfFEctiVElY leapFrogs NiGErIA To tHe PoSitIoN Of Most pRosPerous cOuntry in AfRicA, aNd displaces SOUtH Africa froM thAt title for thE fiRst timE.

SImpLY put, GdP iS a figUre calCUlated By statistIcIAns witHIn certaIN PaRameTers, and uses data to EStIMate the value of All secToRS wITHin A coUntry. GDP is BaSicalLY the marKEt VALUe oF The recognized Goods and serVIceS produCeD in A CountrY for a PaRTicUlar period oF timE, normally A year.

BUT can we tRUst thesE numbeRs? EConOmisT moRtEn JErVEn, wRItIng FOr AFrican ArGuMeNts, asKs thE QUEStioN, “HoW gooD are tHe numbers actuAllY?” And HIs oWn ansWer to The qUeStion, “not verY good, BuT adequate.” He elabOratEs, “The new GdP nUmBer Is Made uP From loT of GueSses,” addIng, “It is BEttEr THAN tHe previous guess, but It STIlL has a big Margin OF eRrOR attacheD tO it.”

the pREVious gDP fIGuRes for NiGeria dID nOt Include MoBile phOnEs aNd tHe locAL filM indusTry (aka ‘NoLlywoOD,’) for example. TheSE numbers have bEEn ADDeD In thIs tIme. It had alsO preVIousLy beEN aSsuMEd thaT 75% of thE lABoUR force was employed in AgRicultUre, whIch was wrong.

ThE informal eCONOmy, in whiCh maNY NIGerians work to sUrvivE, has now beeN Included In the Numbers, aLthough it ONLy includEs tHosE wiTh fIXEd Premises. The stREEt veNdOrs who sEll From car To cAr aRe nOt iNcLuded: therE seems to Be No WaY yEt oF accuRAtely couNtIng ThEm. NOnethELess, afTer teLecoMs, TrADinG makes uP ThE BIggeSt ShAre oF thE rEvisiOn.

ThE SerVice indUstry is alSo eSTimaTeD tO have grOwn, from half of InDustrial vaLuE adDed, to a FIGure that Places it as larger than agrICulture And IndusTry cOmbined, soMe 50% oF the toTal gdP. JervEn findS this WoRryING, sayiNG, “foR moSt Countries (aPARt fRom InDiA,) the Service Sector has been a poor ENgiNe of growth.

SecOndLy, thE QUaLitY Of NUmbErS On pRODuction, value and IntermediaTe COnSumption on SMalL aNd mediuM scale sErvicES is very Poor.” This mAy also comE aS a suRPRisE to those whO thought nigeria waS An oil-BAsEd ecoNomY.

The reAl IssUe, echOed by mANy SOuth AFrican EcOnomisTs, is pOvErty and iNequality. Nigeria is known For its Huge wEalTh gap, with A miLItaRy-based poWer-
 great growth numbers.

Ni geria’s re basin g p uts  t he c ount ry’s 2013 GDPa t US $ 509.9bn (about ZAR 5  tril li o n,)c om pared  with S A ’s G DPof  U S$37 0 .3 bn. T his  effect ively leap fro gs  Nigeria tot he  positionofmost prosper ous  count ry  in Afric a,and d isplac e s Sout h Africafr o m that title f o r  t he f irst time.

Simpl y  p u t, GDP is a fi gure c al c ul a t edbystatistici an s wit h in cert a in p a ram e ters, and use s data to e s tim ate th eval u e of a ll se ct o rswithin a co untr y. GDP is  basic a lly the marketvalueofthe  rec o gn iz edgo o dsa nd  se r vic es produ ce din acoun t r y fora p arti cular  period of ti me,  nor m all y a y ear.
But  c an we  trust  thes enumbers? Econom istMorten Je rve n,  wr it ing f o r Afri can  Ar guments , askst hequ e s t io n, “How good are t he n um bers act ually? ”  A nd his ownan swe r to t he qu esti o n,  “Not ve ry goo d ,bu t adequ at e.” He  e lab ora tes,“ Thenew GD P number  is m a de up from lot of guesses,”a dd i n g, “Itisbetter than  the prev ious gu ess ,  butit st il l  h a s a big margin of e rr or att ached  to it.”

The  previousG D P  figures  for Ni g eria did not i nclud e mobile p h ones and  thelocal fi lm indust r y  (aka ‘N oll ywo od, ’)f o rexample. Thes e numb er s havebee n added  in  th istim e.  It had a lso prev io us ly  b een  assu m ed that75 % o fthe  labo u r forc e was  emp lo ye d  in  agricu l tu r e , wh ic hwaswro ng .

Th e in f orm al econ omy, in w hic h  man yNi gerians  work to surv iv e, has now  b een  inclu d e d in the  numbers, although it o n ly incl ude s tho se w ith fixed  pr emises . T h e stre et ven dorswh o s e l l fro m ca r t ocar are no t inc luded :ther e seems  to be no way yeto f a ccurately cou nti ng t h e m.  No n et h ele ss ,  af t e r telecoms, tra ding makes  u p  t he biggest sha re  of the  revisi on.
T he serv ice indus try is al so  est i m ate d to havegrown, f rom halfo f ind u st rialval ue add ed , t o a f iguret hat  plac es itas  large r tha nagricult ure and industry combin ed, so me 50 % o f the tot alG DP.  Jerven f inds  this worr yin g,sayin g,“ For m ostc ou ntr i es (a part from Indi a ,)  th e se rvice secto r h asbeena p o or eng ineof growth.

Secon d ly, the qualit y of n umb ers on p ro duction, value  an di n termedia te  consumptio n on sma ll and m ediumscaleservice s is very p oor. ” T his may a lso  c o me as a  s ur p rise t o th os e whothough t  Nig e r ia was an oil-ba sed e c o nomy. 
Th e rea lissue,e choe d by manySouth Afric an eco nomi sts,is pove rt y andine qu ality. Nig e ria is kn own f or itshu ge w eal th gap , wi t h  a mi lita ry -ba sed power - 
 great_growth numbers.

Nigeria’s_rebasing puts the country’s_2013 GDP_at_US$ 509.9bn_(about_ZAR 5 trillion,)_compared with SA’s_GDP of US$ 370.3bn._This effectively leapfrogs_Nigeria_to the position of most prosperous country in Africa, and displaces South Africa from_that_title for_the_first_time.

Simply put, GDP is a_figure calculated by statisticians within_certain parameters,_and uses data to estimate the value of_all_sectors within a_country. GDP is basically the market value of the_recognized goods and services produced in_a country for_a_particular_period of time, normally_a year.

But can we trust these_numbers? Economist Morten Jerven, writing for_African Arguments, asks the question, “How good_are the numbers actually?” And his_own answer to the question,_“Not very_good, but adequate.” He elaborates,_“The new GDP_number is_made up from_lot of guesses,” adding, “It is_better than the_previous guess, but it still has_a_big margin of_error_attached_to it.”

The_previous GDP figures_for_Nigeria did_not_include mobile phones and the local_film_industry (aka ‘Nollywood,’) for example. These numbers_have been added in_this_time. It had also_previously been assumed that 75%_of the labour force was employed_in agriculture,_which was_wrong.

The informal economy, in which many Nigerians work to survive, has_now been included in the numbers,_although it only includes_those with_fixed_premises. The street_vendors_who sell_from car to car are not included:_there seems_to be no way yet of_accurately counting them. Nonetheless,_after_telecoms, trading makes up the biggest_share of the revision.

The service industry_is also estimated to have_grown,_from_half of industrial value added,_to a figure that places it_as larger than_agriculture and industry combined, some 50% of_the_total GDP. Jerven finds this worrying,_saying,_“For most countries (apart from India,)_the_service_sector has been a poor_engine of growth.

Secondly, the quality of_numbers on production, value and intermediate consumption on small_and medium scale_services is very poor.” This_may_also_come as a surprise to those who thought Nigeria was_an oil-based_economy.

The real issue,_echoed by many South African economists, is poverty and inequality._Nigeria is known for its huge wealth_gap, with a military-based power-