Nigeria’s GDP Rebasing: What it means beyond the numbers

Nigeria's GDP Rebasing: What it means beyond the numbers By Oluwole Crowther In 2014, Nigeria made global headlines when its economy was declared the largest in Africa, with the gross domestic product (GDP) surging by 89 percent to $510 billion. This transformation was the result of rebasing — the process of updating the base year used to calculate a country’s GDP. As The Economist remarked on 12th April 2014, “As if by magic, Nigeria has declared itself the biggest economy in Africa... Nothing has changed in Nigeria’s real economy, ex