I found this article in NPR website (National Public Radio) based in the US. Though very rudimentary in its application of the importance of GDP calculations, I still thought it was remarkable finding it on their website; Nigeria is sure looking appetising lately
If you’re trying to grow a business in Nigeria and you want investors, you want Nigeria’s economy to look as big as possible.
Bayo Puddicombe and Zubair Abubakar own a company called Pledge 51, which creates applications for Nigeria’s low-tech cellphones. One of their most popular games lets players pretend to drive the notoriously wild buses crisscrossing the Nigerian city Lagos. It’s called Danfo, after the buses.
These guys think they can make a lot of money for some savvy foreign investors. But one of the biggest challenges they face is that on paper, Nigeria’s economy doesn’t look as good as it should. The reason: For more than two decades, Nigeria has been estimating its gross domestic product using data collected in 1990. A lot has changed in the world since then (hello, cellphones), but Nigeria’s GDP calculation hasn’t kept up.
“Let’s say that there’s a company in Silicon Valley, which has to buy some app in another country to expand. All of a sudden when they go to their board meeting and they’re looking at the top 10 economies in the world, Nigeria will be up there with Brazil, India and China,” says emerging markets analyst Sebastian Spio-Garbrah. “It puts them in the big league.”
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