— April 7, 2014
Nigeria has moved up 11 steps to become the 26th largest economy globally, ahead of South Africa, following the reclassification of the based year of the gross domestic product (GDP) from 1990 to 2010.
The country’s nominal GDP increased by 75.58 per cent from $258.55 billion before the rebasing to $453.96 billion, ahead of countries like Austria with $394.7 billion, Venezuela with $381.26 billion as well as Columbia, Thailand, Denmark, Malaysia and Singapore which have $369.6 billion, $$365.96 billion, $$314.88 billion, $274.7 billion and $269.86 billion respectively as at 2012.
However, with a forecast of $509.9 billion for 2013, the country is expected to move to the 22nd position, all things been equal, ahead of Norway, Poland, Belgium and Argentina currently having GDP figures of $499.66 billion, $489.79 billion, $483.26 billion and $475.5 billion respectively.
On the continent…
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