Nigeria moves 8 steps in global GDP ranking, says Planning Minister

The Planning Minister stated this on Monday in Abuja.

The Minister of National Planning, Shamsuddeen Usman, said on Monday that Nigeria moved eight steps in global ranking on Gross Domestic Product (GDP) basis in the last three years.

Mr. Usman said Nigeria moved from 44th position in 2010 to 36th position in 2012 and that it also recorded highest Foreign Direct Investment inflow (FDI) of $7.01 billion in 2012, overtaking South Africa for the first time.

He said this at the 2013 Ministerial Platform in Abuja.

Our move towards the vision 20202 is on course. Nigeria moved eight positions in the past three years in global Gross Domestic Product (GDP) ranking.

“We moved from number 44 in 2010 to number 36 in 2012. Again, that is boldly positive. We are moving in the right direction. Eight steps in three years. Sincerely, it is an indication,” he said.

“Most of the deliberation meeting of the International Investors Council that has just concluded last week and the report from the index say from agriculture and all indicators are moving positively towards our target of 2020.

“We recorded the highest foreign direct investment inflow of about $7 billion in 2012, overtaking South Africa for the first time. This was followed at a remarkable rise of $8.9 billion in 2011.”

The minister said this performance is expected to be sustained in the medium term “given the massive reform measures being implemented. Whichever sector you look at, reforms are taking place and these are beginning to yield results.’’

He said on the price level, the inflation rate was coming down over the review period as the headline inflation year-on-year decelerated to 12.0 per cent in 2012 from 12.4 per cent in May 2011.

“As at March, April and May 2013, headline inflation (year-on-year) stood at 8.6 per cent and 9.1 per cent, respectively,” he said.

“Market capitalisation rose to N8.98 trillion in 2012 from N6.55 trillion in 2011 (37.3 per cent). It also stood at N12.07 trillion as at end of May 2013.

“Bond market expanded significantly by 55.61 per cent to N5.82 trillion in 2012 from N3.74 trillion in 2011.’’

Mr. Usman said on the external sector, growth in non-oil exports averaged 29.57 per cent in 2011 and 2012, surpassing the Transformation Agenda target of 25.92 per cent.

According to him, growth in the balance of Trade was 13.01 per cent, -1.52 per cent short of the Transformation Agenda target of 14.53 per cent.

“Foreign Direct Investment averaged $7.97 billion per annual in 2011 and 2012 from $6.10 billion in 2010. Home remittance increased from $19.20 billion in 2009 to $20.61 billion in 2011 and $21.89 billion in 2012.

“Gross external reserves improved from $32.34 billion in 2010 to $48.8 billion as at April 26, 2013,” he said.


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