International Journal of Social Science & Economic Research
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Title:
GDP REBASING AND THE NIGERIAN ECONOMY: A POST REBASING IMPACT ANALYSIS

Authors:
PIUS EFFIONG AKPAN, LAWRENCE E. UDOFIA


Volume - 2 Issue - 1, Pages - 2262-2277

Abstract:
This paper focused on assessing the impact of GDP rebasing on the Nigerian economy. It examined the Nigerian economy in the light of the post-rebased period as well as the pre-rebased period. The emerging revelations from the GDP rebasing exercise showed that the Nigerian economy appeared to be driven by the services sector, followed by industrial and agricultural sectors respectively. Comparatively, the old GDP of 2013, showed the industrial sector as having the highest contribution, followed by agricultural and services sectors respectively. The rebased real GDP revealed an increased growth rate of 7.41 percent in 2013. The paper also found that the rebased GDP results released by the National Bureau of Statistics, revealed Nigerian to be the largest economy in Africa and the 26th largest in the world, but with a low per capita income as at 2014, which placed Nigeria among the lower middle income economies. It is observed from the study that few years after the exercise the Nigerian economy is bedeviled by economic recession occasioned by low GDP growth, high inflation, high unemployment, low capacity utilization and poverty. In conclusion, the paper recommended among others, that the government should diversify the economy to manufacturing production in order to increase the productive capacity of the economy while exploiting the new opportunity provided by the service sector. Also, in order to take advantage of the new size of the economy, the government should provide the necessary macroeconomic environment in order to increase Foreign Direct Investment in Nigeria.

Cite this Article:

[AKPAN, PIUS EFFIONG, and LAWRENCE E. UDOFIA. "GDP REBASING AND THE NIGERIAN ECONOMY: A POST REBASING IMPACT ANALYSIS." International Journal of Social Science & Economic Research 2.1 (2017): 2262-277. ]

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