Nigerian economy size now at N81.009 trillion, says Statistics Bureau

Finance Minister, Ngozi Okonjo-Iweala

The National Bureau of Statistics, NBS, on Wednesday released the final rebased Nigerian Gross Domestic Product, GDP, Report (Expenditure Approach) for 2010-2013.

The report revealed that the country’s economy size grew marginally from about $510 billion (about N80 trillion) to about N81.009 trillion.

The latest GDP figures may not have altered the nation’s economic status as the 26th-biggest economy in the world and the biggest at the continental level based on the earlier report released in April.

The World Bank had put Nigeria’s 2012 GDP figures at $262.6 billion and South Africa’s at $384.3 billion.

According to the latest report, the final consumption of Household Items Expenditure accounted for largest chunk of the rebased GDP profile, standing at about N58.138 trillion in 2013, up from the N42.115 trillion of the preceding year.

The report also indicated that Expenditure on Export Goods and Services stood at N14.615 trillion as against the N22.824 trillion recorded in 2012.

Amount spent on Gross Fixed Capital Formation in 2013 was recorded at N11.723 trillion, up from the N10.618 trillion expended in 2012.

The Bureau also reported that overall Gross Final Consumption Expenditure of General Government as amounting to N6.548 trillion, rising marginally from the N5.953 trillion expended in the preceding year.

Equally, final Consumption Expenditure of Non-Profit Institutions Serving Household amounted to N302.248 billion in 2013 as against the N248.570 billion recorded in 2012.

Curiously, the report showed a marginal decrease in changes in Inventories Expenditure from the N204.247 billion recorded in 2012 to about N201.440 billion in the 2013 review year.

The total GDP by Expenditure Size was recorded at about N91.231 trillion but when the expenditure on Imports of Goods and Services totalling about N10.518 trillion is netted off, the domestic economy’s GDP size by expenditure was recorded at N81.009 trillion.

A further analysis of the rebased GDP figures on the GDP and Expenditure at Current Purchasers’ Value basis showed that the size of the economy at Basic Prices stood at about N80.092 trillion.

The prices comprise compensation of employees’ expenditure of about N22.330 trillion; Operating Surplus of about N53.513 trillion; Consumption of Fixed Capital N3.714 trillion; and Other Taxes on Production (Net) value of N536.440 billion.

The NBS also reported that a total of N917.401 billion accrued as Net Taxes on Products during the year under review, thereby pushing the overall GDP figures at Market Prices to N81.009 trillion.

Some other characteristics of the final rebased GDP figures by expenditure based on National Disposable Income and its Appropriation Current Purchasers Value showed that whereas Domestic Factor Income and National Income and Market Prices stood at N75.841 trillion and N72.743 trillion respectively, the Appropriation of Domestic Income rose from N68.326 trillion in 2012 to N76.210 trillion in the review year 2013.

Similarly, an analysis of the final rebased figures based on Capital Finance Current Purchasers Value basis showed that Gross Fixed Capital Accumulation rose marginally from about N10.618 trillion in 2012 to N11.723 trillion in 2013.

The Net Lending to the World figures decreased substantially from about N12.656 trillion in 2012 to about N2.709 trillion in the review year.

The Current Purchaser’s Value on Export Transactions reflected that import of goods and services stood at N10.518 trillion in 2013 up from N9.395 trillion in the preceding year.

The export of goods and services figures amounted to N14.615 trillion while Current Receipts stood at N18.296 trillion.

When analysed by the GDP and Expenditure at 2010 Purchaser’s Value of the 2013 final rebased GDP by expenditure figures showed that Final Consumption on Household expenditure amounted to N48.530 trillion, up from the N37.528 recorded in 2012 while Expenditure on GDP or GDP at Market Prices amounted to about N63.392 trillion in 2013 compared with the about N60.670 trillion of the preceding year.


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