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Nollywood boost Nigeria’s GDP

Nigeria has outstripped South Africa as Africa’s largest economy after it recalculated its Gross Domestic Product (GDP) which is the value of the economic output, to add in sectors such as its Nollywood film industry, telecommunications, online sales, airlines and music that had been left out for almost 15years.
According to the National Bureau of Statistics (NBS) Nigeria’s GDP has almost doubled in size following the rebasing, growing to N80.3 trillion ($509.9 billion in 2013, up from N42.3 trillion estimated before the rebasing.
The new figure announced on Friday means that Nigeria’s economy is now large than that of South Africa’s, which recorded a GDP of $370.3billion at the end of 2013.
Nigeria has failed to overhaul its GDP calculations since 1990, an exercise expected to be done every three years. New sectors have now been added to the nation’s output list including e-commerce, mobile phone market, music and local film industry- Nollywood.
“The important of this is that for the first time in 15years, we will know scientifically what the GDP figure is and what the contributions of every sector to the economy are. We will also be able to know the sector that have made the most progress and which ones are lagging behind”. The minister of Information, LabaranMaku said in a statement ahead of the announcement.
“If you’re not in Nigeria, you are not in Africa, and you’re kidding yourself”, Finance Minister, Ngozi Okonjo iweala said.
Rebasing is carried out so that a Nation’s GDP statistics give the most up-to-date picture of an economy as much as possible.

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